Any SDLT experts here? Got a bit of a complicated scenario?

sc120826

Not sure whether this forum or one in the house buying/selling would be better but here goes:

I have a property that I own with my ex-partner, we broke up not long after the initial purchase (rushed into things, you live and learn) but as we were in a 5-year fixed rate we have waited until now to remove her. I'm going to buy her out for £25k which I am going to pay her from my savings. The property is now valued at £391k, I owe £226 on the mortgage but also need to raise finds to clear the HTB loan (£66k). 

In the process I'm also looking to bring my now wife onto the mortgage as affordability wise my salary alone won't cover it. She previously owned a property so isn't a FTB but doesn't currently own anything. 

So my question is what am I looking at SDLT wise? The key numbers are:
Prop Val - £391k
O/S Mortgage - £226k
New Mortgage Borrowing - £293k. 
Remove one party and add another.

saajan_12

If wife will own the property jointly, then she's taking on responsibility for half the mortgage, so effectively paying 293/2=146.5k for her share in the property. 

Stamp duty is 0% up to 250k if she doesn't own anything else, so nothing to pay.