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transfer of equity - do i pay stamp duty?
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economic
Posts: 3,002 Forumite
hi there
i think i know the answer to this but i want to double check. i bought my flat a few months ago with my brother. i put all the money into it and the only reason my brother legally owns 50% of it is so we can get a mortgage since i was out of work at that time.
i have now got a job and would like to do a transfer of equity to my name. i understand you have to pay stamp duty on 50% of the mortgage plus the amount i pay my brother for his share. now since i had put all the money into it in the first place there will be no payment of cash to my brother so only the mortgage will be considered. the mortgage totals around 220k so 50% is 110k which is below the stamp threshold of 125k. this means there should be no stamp payable at all.
am i correct?
thanks
i think i know the answer to this but i want to double check. i bought my flat a few months ago with my brother. i put all the money into it and the only reason my brother legally owns 50% of it is so we can get a mortgage since i was out of work at that time.
i have now got a job and would like to do a transfer of equity to my name. i understand you have to pay stamp duty on 50% of the mortgage plus the amount i pay my brother for his share. now since i had put all the money into it in the first place there will be no payment of cash to my brother so only the mortgage will be considered. the mortgage totals around 220k so 50% is 110k which is below the stamp threshold of 125k. this means there should be no stamp payable at all.
am i correct?
thanks
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