Hi,
I'm seeking some help with a SDLT query I have. I am the executor of a will for my grandparents. They left their home to their 4 daughters in equal share and one of the daughters wants to buy out the other sisters with cash (she has lived with my grandparents in this house for 20+ years). I have grant of probate and now want to deal with change in ownership but am getting conflicting advice on SDLT liability from solicitors.
House market value has been agreed at £452,500 and there is no existing mortgage on the property.
So my aunt would pay £339,375 to her 3 sisters to buy out their share.
We are getting conflicting views on the SDLT. She already owns 2 investment homes so the questions are:
1) Is she liable for Stamp Duty on £339,375?
2) If yes, would this be calculated on the higher rate even though this is and will continue to be her main residence?
3) One solicitor has suggested if we use Transfer of Deeds then there is no Stamp Duty payable but I can't see anything on this. Is this correct?
I'd really appreciate some help with this.
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