Stamp Duty BTL

superM

Hi,

My other half has a BTL property - no outstanding mortgage on it.

We will be taking out a mortgage on this property and also changing it to joint name + tenancy in common 99/1%.

I am confused on stamp duty if its payable.

Can you please adv?

Thanks

buglawton

The rule used to be, take the mortgage amount, divide by 2 (as it will be a jointly mortgaged property in future) and test what the stamp duty would be if buying a property of this amount. The new stamp duty starting 5th April could affect this. The tenants in common weighting will have no bearing. I'd get the transaction out of the way before April 5th to be sure.