Stamp duty on Transfer of Equity

Legacy_user

Hello all,

I am considering an offer to buy my ex partner out of our home.

I do not own a second property and this is my first home. I am trying to work out my Stamp Duty (SDLT) consideration.

Let's say I pay her £200k for her half of the equity.
And that I take on her half £300k of the outstanding mortgage of £600k (say).

I believe that means I will pay SDLT of:

0% of first £125k
2% of second £125k (up to £250k)
5% of remaining £200k (£250k up to £925k)

i.e. £2,500 + £10,000

Is this correct? Does it make any difference that I don't own any other homes or that this is my first property purchase?

Appreciate any comments, thank you.

TamsinC

stamp duty on £350K is £7500.

200K equity plus 150K mortgage = 350K

No idea on whether you would actually pay it or not

TamsinC

slips11 wrote: »

the 300k is half of 600k outstanding.
have edited the post to make this a bit clearer.
thanks

AH, in that case yes to 12.5K

Mortgage_Adviser

Do you own the propery on a joint tennants basis? (Rather than tennants in common)