Transfer of Equity / House /

[vdn]

Hi,

I wonder if anyone can help as the, as usual, complex nature of the rules has me a little flummoxed.

I bought my home recently, cash no mortgage. I bought it in my name only for tax purposes. I now want to add my partner (not married) to the house as joint owner.

I don’t believe that there should be any stamp duty owed but solicitor says there ‘might be’. Useless. Either there will be or there won’t...

So again, bought home in my name only - now want to add partner (not married). It’s cash owned / no mortgage. Should be simple and no stamp duty owed from what I’ve read?

Am I missing something?

[Simpo Two]

Can it not simply be gifted?

[vdn]

Simpo Two said:

Can it not simply be gifted?

Yes gifted 50% so we are joint owners = no stamp duty or the like. Is this correct?

[deckster]

If there is no payment ("consideration") and the property is not mortgaged, then the transfer should be free from any SDLT.

https://www.gov.uk/guidance/sdlt-transferring-owne...

"If you get property as a gift you won’t pay SDLT as long as there’s no outstanding mortgage on it. But if you take over some or all of an existing mortgage, you’ll pay SDLT if the value of the mortgage is over the SDLT threshold."

[Simpo Two]

Seems like Deckster found the answer. So unless houses are a special case, all she has to do is live for seven years and the gift is tax free. You might want to get the agreement drawn up in writing though.

[Eric Mc]

Very generous to give away half a house for nothing.

[Saleen836]

Eric Mc said:

Very generous to give away half a house for nothing.

Indeed!
If the OP has read even some of the threads on here regards divorce/seperation they might want to re-think, his gf can wait a while and leave knowing she walks away and gets 50%, OP will either have to take out a mortgage, sell up or hand over a pile of cash if they have it in the bank

[singlecoil]

There may be some kind of investigation to look into whether there has been any kind of consideration.

[vdn]

My GF is more well off than me. We already own multiple properties together. This home was bought in my name only due to being advised on a stamp duty return on a previous property.

Solicitor doesn’t seem to have an answer as to if / what will be owed. Might have to choose another one as I can’t see why it would be vague.

Just want to be joint owners, legally. Cash owned property, but not married. I thought it’d be more simple

[Eric Mc]

Why do you want to do it?