Stamp Duty on inherited property - advice please?

davver79123

I have a hopefully straightforward Stamp Duty question if anyone can help please? 

Myself and my sister have inherited a property from my late brother. We are transferring the outstanding mortgage (£174,686) to a new mortgage provider, in our own names. We have been advised that Stamp Duty of £9,766 is payable. We will be letting the property out, and we both own existing properties.

Please could anyone confirm whether the Stamp Duty payable is correct? Our solicitor says it is correct, but also that he is not a tax expert so we should seek separate advice.

I wasn’t expecting to pay Stamp Duty as it was an inherited property.

Thank you

theartfullodger

Done any training or education in being a landlord and/or landlord/tenant law?? If not, the alternative (ignorance) is usually unwise...

Rodders53

I'd suggest that you two are BUYING (with a Mortgage) the £174k share of the property from the Estate to pay off the Estate's Debt to the existing Mortgagor... 
That purchase will naturally attract stamp duty on the consideration.  At least it's not the full value of the house.  Shame brother didn't have life insurance, or other funds, to pay off the mortgage debt. 

Are you both sure you want to be Landlord in the current climate for Rental Legislation and obligations?

davver79123

Thanks for the replies. 

@theartfullodger I’m a landlord already and have other properties.

Thanks for the clarification @Rodders53 - there was insurance but it didn’t pay out unfortunately.