9:01 AM, 7th July 2017, About 5 years ago 3
My husband and I own 6 houses, 4 are in joint names, 2 are in my sole name only. I work part time and my husband is retired so we are relatively low earners.
Even with our rental income we are well below the higher level tax bracket. We are looking to buy another property and need to raise the equity in one of the houses in my sole name.
Due to my income, it’s better to remortgage in joint names, but we want to avoid SDLT. We are getting mixed messages from solicitors and tax advisers.
Is the best thing to do pay off the current mortgage completely, gift my husband half the share of the house and then remortgage it in joint names?
One person has suggested the above would avoid SDLT.
Another has suggested that we need to pay off the mortgage to below £80,000 ( someone else said £40,000) but if we remortgage my hubby would be liable for SDLT on the new mortgage amount.
A third has suggested we pay SDLT on the difference between the new mortgage and the old.
Your advice is much appreciated.
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