What Value Should Be Recorded for LandRegistry

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

    What Value Should Be Recorded for LandRegistry

    Hello

    I own a property but the title deeds and the mortgage is in my husband's name (I have proof of ownership by way of a Deed of Trust). It is now essential for the title deeds and mortgage to be put into my own sole name. The only way for this to happen is for me to 'purchase' the property.

    The outstanding mortgage is £150K and this is the amount I will pay using a mortgage in my own sole name. However, the current market value of the property is £300k.

    What value should be recorded for the purchase price?

    Thank you.

    #2
    I think you should consult a conveyancing solicitor about your problem. If you have proof of ownership , why do you need to purchase what you already own ? Do you have a mortgage loan offer to replace the existing mortgage under husband's name ?

    A transfer by gift between spouses does not give rise to any capital gains tax and if there is an outstanding mortgage , the recipient has to pay sdlt on the "consideration" which will be based on the mortgage figure.

    If the transfer is done by sale, the transfer can be done at below market value but the sdlt would be charged at market value.

    Comment

    Latest Activity

    Collapse

    Working...
    X