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Where Taxpayers and Advisers Meet

Buying second home

apa
Posts:1
Joined:Mon Jul 24, 2017 10:54 am
Buying second home

Postby apa » Mon Jul 24, 2017 11:02 am

Hi,
The title of my current home is solely on my name. I would like to transfer it entirely to my wife's name now that the mortgage is paid off. I have two questions
1) Does the transfer involve any tax or stamp duty or any other overheads ?
2) If I decide to buy a home in a couple of years time in my name alone, would that be considered second home, eventhough I do not have one against my name (but my wife does).

Many thanks for your time
Regards
apa

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Buying second home

Postby bd6759 » Tue Jul 25, 2017 12:19 pm

Yes, it would be a second home.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Buying second home

Postby maths » Tue Jul 25, 2017 2:23 pm

Re point 1 no SDLT charge arises as there is no chargeable consideration being given (ie no monies or the taking over of any mortgage).

Re point 2, as bd6759 comments, the 3% charge would apply (in simple terms a married couple are treated as a single person so your new purchase even by you alone is also treated as a a purchase by your wife).


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