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Buying out ex partner - transfer of deeds / stamp duty
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hmmcgregor
Posts: 2 Newbie
Got myself a bit confused.... I am planning on taking on the whole of our mortgage following an amicable split with my partner (not married).
I have selected a mortgage with a new provider that has agreed in principle to the amount needed. The advisor has said that I need to transfer the deeds into my name only before we progress so there is only one name on the deeds when I apply.
My first question is:
what exactly do I need to take to a solicitor to do this? does it need to be a face to face visit with both of us there? approx how much can I expect to pay for them to do this.
The house is worth £350k and I will buy him out of half of the 60k equity from savings and I will mortgage for the remaining £290k. Once in my name I will remortgage, next question is :
am I liable for any stamp duty. If so on which part?
If the 30k payment confuses / complicates / makes things, more expensive he would happily sign over at zero if this makes the transactions easier and I could pay him at a later date.
Any help would be appreciated, the whole not married, new £175k exemption has thrown me a bit. Wasn't expectating to pay any stamp duty
Thanks
I have selected a mortgage with a new provider that has agreed in principle to the amount needed. The advisor has said that I need to transfer the deeds into my name only before we progress so there is only one name on the deeds when I apply.
My first question is:
what exactly do I need to take to a solicitor to do this? does it need to be a face to face visit with both of us there? approx how much can I expect to pay for them to do this.
The house is worth £350k and I will buy him out of half of the 60k equity from savings and I will mortgage for the remaining £290k. Once in my name I will remortgage, next question is :
am I liable for any stamp duty. If so on which part?
If the 30k payment confuses / complicates / makes things, more expensive he would happily sign over at zero if this makes the transactions easier and I could pay him at a later date.
Any help would be appreciated, the whole not married, new £175k exemption has thrown me a bit. Wasn't expectating to pay any stamp duty
Thanks
0
Comments
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Do you own any of the house at present?
Assuming it is 50/50, you are buying £175,000 worth of house.
Agree to knock £1 off the price and you should escape stamp duty.0
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