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Hi
I am just looking for some clarity before I engage a solicitor.
My husband and I own a property as tenants in common. There is an outstanding mortgage on the property.
We have agreed (for various reasons) that I shall take on sole ownership of the property
The mortgage company has assessed this and approved my application
I now need to engage a solicitor/conveyancer to undertake this and do a transfer of title to my name
No money is being exchanged between my husband and I
Will I be liable for Stamp duty at all? I have read conflicting articles saying I would be due to pay SD on 50% of the outstanding mortgage that I am taking on. However, as tenants in common the land registry doesn’t state what the split of our shares was. If he is gifting me his proportion of the property.
Many thanks,
R
I am just looking for some clarity before I engage a solicitor.
My husband and I own a property as tenants in common. There is an outstanding mortgage on the property.
We have agreed (for various reasons) that I shall take on sole ownership of the property
The mortgage company has assessed this and approved my application
I now need to engage a solicitor/conveyancer to undertake this and do a transfer of title to my name
No money is being exchanged between my husband and I
Will I be liable for Stamp duty at all? I have read conflicting articles saying I would be due to pay SD on 50% of the outstanding mortgage that I am taking on. However, as tenants in common the land registry doesn’t state what the split of our shares was. If he is gifting me his proportion of the property.
Many thanks,
R
