22:50 PM, 25th May 2017, About 5 years ago 2
Can anyone please assist with this scenario?
I am looking to transfer a mortgaged property held in my sole name, to my wife. The property currently has a first and second charge mortgage on it, and a new mortgage would be required to be taken out in my wife’s sole name to redeem the current liabilities. It would essentially be purchased at market value.
1) Assuming a 75% LTV loan on a new mortgage in my wife’s sole name, would a lender consider my “gifted” 25% equity as part of the transfer for the deposit?
2) Would CGT and SDLT be payable in this scenario?