Transferring equity - stamp duty rules (or not!)

rejackson

Help!!!!!!

Two mortgage brokers have given me different advice.

I originally bought a house for £243k I have a mortgage for 207k I am getting a remortgage (with a new company) for 220k and putting my partner on the mortgage at the same time.

Do we pay stamp duty on half the original purchase price i.e. £121.5k or on half the current valuation (approx £270k) so £135k or half the value of the mortgage £110 k i.e. nothing!!

It is a mine field that no one seems to be able to answer....

Robert_Sterling

You are not buying anything.
Your partner is not buying anything.
The fact that your partner is put on the mortgage does not mean that he/she owns half of it.

NO STAMP DUTY




This is not lfinancial or legal advice.

payless

http://www.thisismoney.co.uk/tax-advice/stamp-duty/article.html?in_article_id=408955&in_page_id=8&ito=1565 implies it payable on 1/2 mortgage
when swapped sole to joint
- although appears below limit in your case

although only tax office reference I can find http://www.hmrc.gov.uk/so/faqs.htm#13 still refers to a £60K limit !! ( although this appears a little old and as we know the limit relating to land is now £125K)

Therefore I would suggest referring this to your local "inland Revenue office " or the Stamp Office Help Line 0845 603 0135 to get a final confirmation