Stamp duty on Transfer of Equity
Legacy_user
Posts: 0 Newbie
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.
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.
0
Comments
-
stamp duty on £350K is £7500.
200K equity plus 150K mortgage = 350K
No idea on whether you would actually pay it or not“Isn't this enough? Just this world? Just this beautiful, complex
Wonderfully unfathomable, natural world” Tim Minchin0 -
Do you own the propery on a joint tennants basis? (Rather than tennants in common)0
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