Stamp duty on transfer of Equity

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    Stamp duty on transfer of Equity

    Hi All,

    I currently jointly own a BTL property with a 50/50 share.

    The current outstanding mortgage is 64000.

    I have agreed to purchase the 50% for £180000 - half the outstanding mortgage.

    I'm looking to buy remortgage and buy the property as a home to live in, although I currently own another property so I presume I would have to pay the higher amount of stamp duty which would be £6500 is that correct?

    Thanks,

    Rob

    #2
    You intend to buy the half share at 180K - 32K mortgage = 148K is what you pay. .

    As you own another property you will pay sdlt = (148K-125K ) x 0.02 + 148K x 0.03 = 460 + 4440 =£4900.

    After you move in and establish as your home ( main residence ) , you should be able to claim back the 3% extra sdlt.

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