Pay off mortgage - change ownership percentages of house

Pay off mortgage - change ownership percentages of house

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Discussion

purplepolarbear

Original Poster:

469 posts

174 months

Sunday 14th January 2018
quotequote all
I own a house jointly with my partner - ownership is split 80%/20% in my favour (as I put in more of the initial deposit).

There is a relatively small amount outstanding on the mortgage. My partner has come into some money and we would like to pay this off and adjust the ratio of the house ownership to 65%/35%.

What is the easiest way to achieve this?

Would any stamp duty be payable (15% of the house value is less than the stamp duty threshold but the whole house value is above it)?


JulianPH

9,917 posts

114 months

Sunday 14th January 2018
quotequote all
It is pretty simple. Pay off the mortgage then instruct a solicitor to transfer 15% of the house value to your partner. Stamp Duty should only be payable on the equity transferred (regardless of the total value). In you case this appears to be zero.

I am obviously assuming you are not married or in a civil partnership with your partner.

It should cost a few hundred quid (perhaps £300) and your solicitor will be able to confirm the Stamp Duty position to you as part of this (I am certain, but I don't work in in this area).