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Remortgage and Transfer 50% share - which order

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Remortgage and Transfer 50% share - which order


Postby ModernMicawber » August 8th, 2018, 8:23 am

Been thinking about remortgaging with some additional borrowing to fund an extension.

At present, the house - and by extension the mortgage - is in my sole name.

I'm thinking about moving to an offset mortgage, but if this were the case I'd like to have 'er indoors named on the offset account so that in the event I got hit by the proverbial bus she'd still be able to get at the money easily. I think this means she'd need to be named on the mortgage, and accordingly on the title.

So what order do I do all of this in? Apply for the mortgage first, then instruct a solicitor to do the transfer? Or the other way around? Or something else entirely?

And time is likely of the essence - having found a builder we would presumably need to come up with the cash pretty quickly before the builder goes back to his yacht in Marbella.

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Re: Remortgage and Transfer 50% share - which order


Postby DrBunsenHoneydew » August 8th, 2018, 5:26 pm

There are special rules when you part-transfer a mortgaged property to spouse - you may pay 'stamp duty' on their half of the mortgaged value, so it might be best to not increase the mortgage until the last step, if the relevant amounts exceed SD thresholds. Solicitor will advise.

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