Hi, I was hoping someone could help me.
I have a BTL property that was my own flat before I got married.
After a few years of marriage I became a 40% tax payer so was being stung for a lot of tax on the income from my property so I did a Deed of Trust to my wife in order to take advantage of her tax allowances.
However, I am now remortgaging the property as I need to raise some funds to put towards an extension on our primary residence (that makes it sound a lot posher than it is!) I have got someway down the line on a remortgage and the solicitor has raised this Deed of Trust to my wife and says it needs to be removed in order to proceed.
I have been told, I cannot remove the Deed of Trust and then put it back on after the remortgage has been processed as this is basically mortgage fraud, which makes sense to me.
I have asked the mortgage company (BM Solutions) if they will accept a waiver as to my wife's claim on the property. My accountant suggested this should be quite straight forward for them to agree to, however they have declined it as an option.
I am currently at the point where I feel the only solution is to reapply to BM (I don't want to apply elsewhere as I have already paid a hefty valuation fee) in the joint names of my wife and I. However, my wife would then need entering on the title deeds which then gives rise to a SDLT charge of 3 grand!
Is paying this SDLT my only option? It just doesn't seem very fair to me, and I am being turned from one person to another between my mortgage broker, the solicitor handling the remortgage, my own personal accountant and my personal solicitor.
Any help or thoughts on what I should do would be greatly appreciated! Thanks in advance.
I have a BTL property that was my own flat before I got married.
After a few years of marriage I became a 40% tax payer so was being stung for a lot of tax on the income from my property so I did a Deed of Trust to my wife in order to take advantage of her tax allowances.
However, I am now remortgaging the property as I need to raise some funds to put towards an extension on our primary residence (that makes it sound a lot posher than it is!) I have got someway down the line on a remortgage and the solicitor has raised this Deed of Trust to my wife and says it needs to be removed in order to proceed.
I have been told, I cannot remove the Deed of Trust and then put it back on after the remortgage has been processed as this is basically mortgage fraud, which makes sense to me.
I have asked the mortgage company (BM Solutions) if they will accept a waiver as to my wife's claim on the property. My accountant suggested this should be quite straight forward for them to agree to, however they have declined it as an option.
I am currently at the point where I feel the only solution is to reapply to BM (I don't want to apply elsewhere as I have already paid a hefty valuation fee) in the joint names of my wife and I. However, my wife would then need entering on the title deeds which then gives rise to a SDLT charge of 3 grand!
Is paying this SDLT my only option? It just doesn't seem very fair to me, and I am being turned from one person to another between my mortgage broker, the solicitor handling the remortgage, my own personal accountant and my personal solicitor.
Any help or thoughts on what I should do would be greatly appreciated! Thanks in advance.
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