Debt consideration Transfer from joint to Single Ownership

[robbridges]

My brother and I jointly own a property valued at £535,000. I wish to buy my brother' s 1/2 share for £267,500.
There is a joint mortgage on the property owing £60,000. I assumed that SDLT would be liable on 3% of the half share namely £8025 but recently my solicitor advised me that the liability would be on £267,500 plus 50% of the outstanding mortgage ( SDLT of 8025 + 900). As part of the transaction my brother would pay of his share of the mortgage with the proceeds.
Q. Should SDLT liability be £8025 or £8925

[maths]

SDLT is payable on consideration paid.

There would appear to be two options:

1. You pay your brother £237,500 for his 50% "equity" and you assume his part of the mortgage ie £30,000. SDLT payable on the consideration which in this case would be
[£237,500 plus £30,000] ie £267,500.

2. You pay your brother £267,500 on condition he discharges £30,000 of the mortgage.In this case you are not assuming any part of his mortgage. SDLT payable on the consideration ie £267,500.

Not sure I can therefore agree with the solicitor although I appreciate they are the experts on SDLT.

Lee Young a solicitor contributor on this site will no doubt put me right.