Just Married - Transfer House to Joint Names - Stamp Duty Implication?

[funnymunny]

I bought a house with a friend a few years ago, which she has since bought me out of, therefore I am not a first time buyer.

The reason my friend bought me out was that myself and then boyfriend, now husband were buying a house together. The mortgage and deeds are in his sole name. For various reasons, we now want to put my name on the mortgage and deeds. If my name is added is there a stamp duty implication? Will it be treated as if I am now buying a house? Also, if my name is added to the mortgage, am I entitled to claim mortgage interest relief along with his mortgage interest relief (his is being deducted all along)?

I rang an accountant who seemed to think that on the one hand there would be a stamp duty implication but on the other hand said there may be an exemption with a transfer of 1/2 a property to a spouse. I tried to look it up on citizens information but it is not clear and does not seem to deal with this particular scenario. I also checked this before with a solicitor and his answer was vague and left me none the wiser.

I would be grateful if anyone could direct me to a definitive answer.

 

[ramble]

Has he already bought the house? Did you contribute in anyway to the purchase price?

If he bought the house on his own prior to your marriage he can now transfer it into joint names without any stamp duty liability. You will need to apply to the mortgage lender for a new mortgage in your joint names. The first time buyer relief does not in any way effect his ability to dispose of the property. The transfer will not have to be stamped or delivered to the revenue as it will be a transfer of the family home from one spouse to both, it will also not be liable to land registry fees

The first time buyer mortgage interest relief is available for 7 years from date of first taking out a mortgage even if the property has changed.

As with everything individual circumstances can deviate from the norm, so contact a solicitor for advice, you will need a solicitor to complete the transaction in any event.

 

[funnymunny]

Ramble,

Many thanks for your concise reply, which clarifies matters for me.

To answer your question, I didn't contribute at the purchase stage but have been paying half the mortgage since the date of purchase.

I will also be able to claim interest relief as I should have 2 or 3 years left in the 7 year period.

Thanks again.