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Stamp duty Question
Mortgagehold
Posts: 12 Forumite
I am hoping someone here maybe able to answer the question - My sister own a property on mortgage and can lo longer afford the mortgage repayments / dont want to (4 years into a mortgage). She has asked me to take over the mortgage and property on my name which I am interested in doing. There will be no money exchange in a sense that I will simply take over the mortgage with whatever equity is in the house. Would I have to pay any stamp duty?
0
Comments
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Yes you will, SDLT will be based on the outstanding mortgage balance.
https://www.gov.uk/guidance/sdlt-transferring-ownership-of-land-or-property#gift
Total Value of wins in 2009: £900 appox. 2010: £730Wins 2011: Carlisle Utd Tickets (twice!), Baby Food Hamper, Straighteners, Chugginton Toy0 -
You are exchanging money. You are taking a debt to the value of the mortgage and paying her the same amount to clear her debt0
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Okay understood. It would be better I guess to pay into mortgage as much as possible before taking on the mortgage.0
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