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Stamp Duty on a house i already own joint, but want to buy on my own
passiongrace
Posts: 2 Newbie
Ok, not sure about this one.
I have owned a house with my now ex partner. I have decided to take the house on 100%, and also need to change mortgage.
My question is, do i have to pay stamp duty again? even though i already own the house in part?
Any help would be great and thanks.
David
I have owned a house with my now ex partner. I have decided to take the house on 100%, and also need to change mortgage.
My question is, do i have to pay stamp duty again? even though i already own the house in part?
Any help would be great and thanks.
David
0
Comments
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You might have to pay SDLT if there is a really big mortgage or large lump sum being paid to the ex.
It is rather bizarre but SDLT is charged on the transfer of debt so if you have a £260,000 mortagage on say a £300,000 value house and you are paying £20,000 to buy out your ex's share and taking over the mortgage then the SDLT office treats the transaction as being half the debt (£130,000) + the amount you pay £20,000 = £150,000. Therefore SDLT = £1,500 (unless you are in a disadvantaged area). Obviously if half the debt plus your payment is less than £125K then there will not be any SDLT but the awful form still has to be completed!
As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients
RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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