michaelwgroves

Registered with Property118.com
Sunday 30th October 2016

Location
Kent

Trading Status
Company

Providing essential rental accommodation since
2010

Number of rental properties owned
6 - 10

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 35

michaelwgroves

11:26 AM, 24th March 2020
About 7 days ago

Spouse Property transfers and SDLT?

I've just spoke to HMRC SDLT department, they have confirmed as the mortgage is already in joint names, amending legal ownership does not give rise to SDLT as both parties are already jointly liable for mortgage. No debt is transferred.
If however spouse was not previously named on mortgage this would give rise to SDLT.... Read More

michaelwgroves

20:59 PM, 18th March 2020
About 2 weeks ago

Spouse Property transfers and SDLT?

Reply to the comment left by Seething Landlord at 17/03/2020 - 19:56
Sorry yes, I got that back to front. It is currently tenants in common. So question is if I change to joint tenants is SDLT still payable as we would be jointly liable for mortgage. Although having said that, even though currently tenants in common, I’m sure we are still both jointly liable for mortgage.
So maybe SDLT is only payable depending on mortgage conditions?... Read More

michaelwgroves

19:01 PM, 18th March 2020
About 2 weeks ago

Spouse Property transfers and SDLT?

Currently legal and beneficial ownership is 99/1. I should not think you will ever have a query from HMRC about form 17 unless you are under investigation. Form 17 is just a filing exercise.
It appears you have done what I am looking to do. I'm still in research mode.... Read More

michaelwgroves

17:55 PM, 17th March 2020
About 2 weeks ago

Spouse Property transfers and SDLT?

Reply to the comment left by Neil Patterson at 17/03/2020 - 09:28
Mark
This is something I am very interested in, but it's the wrong time for me. Probably in 1-2 years could be the right time.... Read More

michaelwgroves

17:53 PM, 17th March 2020
About 2 weeks ago

Spouse Property transfers and SDLT?

Here's a thought, rather than changing Joint owners share to 50/50. What about severance of joint tenancy and registering as tenants in common.
As both owners are now jointly responsible for mortgage, you are not transferring a percentage of mortgage anymore, as you are equally liable for full balance?... Read More