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I have an client who 3 years ago exchanged contacts in his sons name on a new build apartment in the UK before the changes in stamp duty. In anticipation that my client would be the guarantor on the mortgage finance.
My client now wishes to remove his sons name from the exchange of contracts and buy in his own name. In other words my client will now have the exchange of contract in his name only. The developer selling the apartment is happy with the proposal. The issue is that my clients solicitor has stated that this will incur stamp duty and also at the higher rate.
Please can anyone help and tell me whether the names on the exchanged sales contract be changed without incurring stamp duty?
My client now wishes to remove his sons name from the exchange of contracts and buy in his own name. In other words my client will now have the exchange of contract in his name only. The developer selling the apartment is happy with the proposal. The issue is that my clients solicitor has stated that this will incur stamp duty and also at the higher rate.
Please can anyone help and tell me whether the names on the exchanged sales contract be changed without incurring stamp duty?
