Hello,
I will shortly be added to my partner's deeds on her ~£450,000 (owned outright, no mortgage) house. This is because we will soon be raising a mortgage (£270,000, all approved) on the house to finance a separate property project. We will both be jointly and equally responsible for paying the mortgage, and we must both be on the deeds to the house (for the mortgage to happen).
I have read all kinds of conflicting information on whether/how much stamp duty must be paid when doing a transfer of equity, and for no good reason whatsoever, the amount payable seems to be dependent on how large a mortgage there is on the property - and this figure seems to be directly or inversely proportional to the mortgage (depending on what information I believe). I will pay my partner half the value of her house (~£225,000) when I'm added to the deeds. From looking at HMRC's website, the larger the mortgage, the more SDLT is payable - which seems ludicrous. Or maybe I've interpreted that completely wrong.
We are not married nor in a civil partnership.
So my question is:
Would it be better to add me to the deeds before the mortgage is in place or after?
Thanks in advance for any help or suggestions!
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