Putting Another Name on the Deeds

At MJP Law, we receive many enquiries about putting a name on or taking a name off the deeds. It is a simple concept, but putting a name on the deeds is a transfer of property like any other and there are some common pitfalls to consider before going ahead with it.

Mortgage

If you have a mortgage, your lender must consent to the transfer. The person being added to the title must be acceptable to the lender as a joint borrower. You will need to make an application, which will include supplying financial details and paying a fee.

Stamp Duty

If the person being added to the deeds makes a payment in return for being added, this is a purchase price and may be liable for Stamp Duty Land Tax. If there is a mortgage, the “purchase price” is half the value of the mortgage debt plus any cash paid at completion. Contributions to the upkeep or development of the property can also form part of the purchase price.

Capital Gains Tax

Transfers are also capable of attracting Capital Gains Tax, even where no money changes hands. If you live in the property you are transferring, it is likely, but not certain, that you can claim tax relief on the transfer. All transfers between husband and wife are exempt, but transfers between unmarried couples, or between parents and children, are not.

How MJP Law can help

Our team of experienced conveyancers can guide you through the consequences of transferring a property. Please contact a member of the team on 01202 842929 or email conveyancingteam@mjplaw.co.uk.