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Transfer of Equity
GreenFrog1
Posts: 1 Newbie
Hi everyone - not sure if anyone can help!
I bought a house 5yrs ago with my brother but he does not live with me. I'm now remortgaging and would like to take my brother off the mortgage/deeds as he is emigrating. I understand he will need to pay capital gains tax but do I need to pay stamp duty as well? If anyone has any experience with the transfer of equity process - how it works and who we need to do it - accountant, solicitor etc that will also be helpful. Further information below:
Original house value 408,000
Value today 450,000
Stamp duty we paid when we originally bought 10,500
Thanks in advance
I bought a house 5yrs ago with my brother but he does not live with me. I'm now remortgaging and would like to take my brother off the mortgage/deeds as he is emigrating. I understand he will need to pay capital gains tax but do I need to pay stamp duty as well? If anyone has any experience with the transfer of equity process - how it works and who we need to do it - accountant, solicitor etc that will also be helpful. Further information below:
Original house value 408,000
Value today 450,000
Stamp duty we paid when we originally bought 10,500
Thanks in advance
0
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