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Where Taxpayers and Advisers Meet

Re-mortgaging and adding spouse

Posts: 1
Joined: Sat May 04, 2019 5:53 pm

Re-mortgaging and adding spouse

Postby catericajane » Sat May 04, 2019 6:04 pm

In 2009 I purchased a property on my own - house value £235,000. Since then I have married. In 2018 we purchased a second home together and we paid the second home 3% additional stamp duty (£18,000 on a property value of £350,000).
Now we are remortgaging the house I purchased on my own, house value now £480,000 and we're taking out a joint buy-to-let mortgage of £360,000.
My question is, considering I already paid second home stamp duty on the second house purchase, will my husband be liable for any stamp duty if we re-mortgage in both our names?

Posts: 371
Joined: Mon Feb 13, 2017 10:09 am

Re: Re-mortgaging and adding spouse

Postby someone » Sun May 05, 2019 11:32 am

It depends on the current mortgage and the proportion of beneficial interest your husband acquires.

No current mortgage = no consideration = no sdlt.

300k current mortgage, 50% to H, sdlt on 150k consideration (no 3% surcharge though)

300k current mortgage, 99% to H, sdlt on 297k consideration (ditto)

300k current mortgage, 1% to H, sdlt on 3k consideration (so no sdlt)

In the final case, absent submitting a form 17, the rental profit is split 50/50 - so this is a way of transferring half the rental income while not incurring any SDLT.

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