• Transfer Of Equity

    By Guest on 23rd Aug 2016

    I bought my house with my dad named on the title deeds as part of a step up mortgage. I am now re mortaging and taking my dad of and putting my husband on. Should I be named as vendor and then purchaser on the land transaction form?and as transferor and transferee on the TR1 form. I am concerned this could lead to tax liabilities for me??

  • 3 Answers

    By Guest on 24/08/2016

    You have to name yourself as a vendor (as you are saying your
    Name is on the title) and purchaser (as you wish to continue your ownership and remain a joint tenant along with your husband)
    You should of course consider capital gains
    Implications and iht if this may be something you
    Are worried about

  • By Guest on 25/08/2016

    Should i not merely stay on the transfer take place between my dad and my husband?

  • By Guest on 28/08/2016

    The transaction you are talking about is a "2 to 2 transfer of equity". On the transfer deed the Transferor will be you and your dad and the Transferee will be you and your husband. Not sure if there will be any capital gains tax implications for your dad but there may be stamp duty implications for your husband. Duty will be calculated on the total consideration, which is to say half of the existing mortgage debt plus any money your husband is paying your father (if any) for his share. If that comes to between £40,000 and £125,000 then a stamp duty land tax return will have to be submitted but there won't be any duty payable unless your husband owns another property. If it comes to more than £125,000 then some duty will be payable.

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