Remortgage & Transfer of Equity

[Jules72]

Earlier this year I moved into my Fiances' house, and back in June we decided to remortgage in joint names. The process was running smoothly until, just recently, we received a letter from the solicitor stating that we were required to pay stamp duty (as I was being included on the deeds), this apparently is standard (?) but we were failed to be informed of this by both the solicitor and lender, at the beginning of the procees. I would like to know:

1. If we were married would the stamp duty still apply?

2. Who should have informed us of the stamp duty charges?

3. Is there any way we can get around not paying the stamp duty?

[Didwot]

1. I think not
2. The solicitor should have. He ought to have given you an estimate of his costs and charges at the outset.
3. Keep the property in your finace's sole name, and enter into a Deed of Trust setting out who owns what, who pays what, and who gets what if the property is sold.

[JSB]

I did something similar a few years ago but in reverse - but because the transfer of 50% of the property was at nominal value (i.e. a gift) I'm sure that we ended up paying either no stamp duty or next to nothing.

It also depends on the value of the house of course.

The Stamp Taxes Helpline on 0845 603 0135 may also be able to help