When is Stamp Duty Triggered During Transfer?

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    When is Stamp Duty Triggered During Transfer?

    Family member 1 (FM1) has purchased two BTL properties.

    Property 1 - £115K purchase in 2006)
    Property 2 - £200K (purchase in 2019)

    Currently, they wish to add another family member (FM2) to the title (transfer of ownership) - so that they are joint owners

    FM1 does not want FM2 on the mortgage as they have a CCJ

    What I wanted to know is whether stamp duty (or any other expensive fees) will be triggered on this?







    #2
    The mortgage lender is (almost certainly) not going to allow the transfer anyway, so it's academic.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Is this due to the CCJ? Or will the lender simply insist that both parties have to be on the mortgage?

      Assuming FM2 did not have a CCJ, would stamp duty be triggered?

      Comment


        #4
        The mortgage lender isn't going to allow all or part of their security for a large loan to be given to someone else.

        SDLT becomes due on completion.
        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

        Comment


          #5
          CCJ is a County Court judgement against a person who is unable or has refused to pay off a debt. This means the Mortgage Lender cannot offer a mortgage loan to any CCJ person.

          When there is a change of ownership , the Land Registry will not register the property under the new names before the liability to sdlt is paid.

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