Hi, I am after a little advice. My wife has a house from her first marriage that is in her name, worth around two hundred thousand. There is a forty two thousand pounds outstanding mortgage on it in her name. I have some money sitting in a bank account earning next to nothing and would like to buy the outstanding mortgage part of the house. (Transfer the money to my wife, so she can pay her mortgage off.)
The advice we would like to know is:
1. Can I register my share of the house with Land register without a solicitor?
2. If so would I have to pay stamp duty on the full market value or just the forty two thousand?
3. Do you know how much stamp duty I would have to pay?
4. Does anyone know the Land register form that we would need to fill in?
5. Would my wife have to pay tax on the money? I read somewhere that, there is no tax to pay on gifts between spouses. Am I right on this?
As you can see, we are total novices at all this sort of thing, and don’t know what the best way to go about it. So any advice would be greatly appreciated.
Kind regards
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