Stamp Duty Land Tax - Joint Tenants

[JRRS1]

Hello

Several years ago my brother and I purchased a property to live in together. We purchased as joint tenants. He is now looking to move out and I would like to take over the ownership of the property and take him off the mortgage and will likely have to give him some some additional money to account for the increase in value of the property (although there may be some deductions for the value of work I have done to the property).

Would I need to pay stamp duty on this transaction should the value of his share of the mortgage and any money I give him be over the threshold?

Many thanks
Jack

[maths]

I assume you are both on the legal title and are both mortgagors.

You are effectively buying your brother's equity (for cash) plus taking on his % (50%) of the mortgage amount outstanding.

SDLT will be payable if the combined above amounts exceeds £125,000. The 3% SDLT "surcharge" should not apply if it's your only property.

[JRRS1]

Hello

Thanks for your response. Your assumption about the mortgage is correct and this is our only property. Your answer confirms what I was thinking from reading around.

What has been confusing me is that I have described the transaction to two conveyancing firms who have both suggested there would be no stamp duty liable on this type of transaction? My only thought is that is because in most cases the consideration is below the £125k threshold.

Thanks again.