Unmarried couple split with 2 homes, each to live in one as main residence
Posted: Wed Sep 12, 2018 9:04 pm
Hello,
I'm currently going through remortgaging after split from long term partner. We were not married. We own two houses (located in Wales), both in joint names and both worth ~£130,000 each. One was let, which he will move into as main residence (~£50k left on mortgage) and I will stay in the other.
The one I stay in and which I am currently remortgaging (~£70k left on mortgage), I will take on with no payment consideration to him. He will to me, but the amount is yet to be agreed.
In the remortgage documents I've received from the solicitor to remove his name, there is a Section on LTT Addtional Property Tax Surcharge, where it asks the question 'Does any party to the new mortgage own a dwelling anywhere in the world in addition to the above Property?' I will own it with him for as long as it takes him to remortgage and take it on, which I hope won't be long. Will I need to pay an LTT Additional Property Tax Surcharge on the property that he is moving into?
I can't find any information on or examples of our situation online, so would very much appreciate some advice on what SDLT we might expect to pay in order for us each to transfer one house to one name.
Thanks very much to anyone who can help!
I'm currently going through remortgaging after split from long term partner. We were not married. We own two houses (located in Wales), both in joint names and both worth ~£130,000 each. One was let, which he will move into as main residence (~£50k left on mortgage) and I will stay in the other.
The one I stay in and which I am currently remortgaging (~£70k left on mortgage), I will take on with no payment consideration to him. He will to me, but the amount is yet to be agreed.
In the remortgage documents I've received from the solicitor to remove his name, there is a Section on LTT Addtional Property Tax Surcharge, where it asks the question 'Does any party to the new mortgage own a dwelling anywhere in the world in addition to the above Property?' I will own it with him for as long as it takes him to remortgage and take it on, which I hope won't be long. Will I need to pay an LTT Additional Property Tax Surcharge on the property that he is moving into?
I can't find any information on or examples of our situation online, so would very much appreciate some advice on what SDLT we might expect to pay in order for us each to transfer one house to one name.
Thanks very much to anyone who can help!