property guarantor transfer

[scubaking]

Hi, I wonder if you can help me or point me in the right direction, a close friend has asked whether i would sign as a guarantor for their house. The current guarantor would like to remove themselves from this position. The mortage outstanding on the property is 60k. I would like to help but i'm unsure whether this is possible or what the process is. The property is currently a buy to let. I will be contacting a solicitor, but initially would like to understand the process. If the transfer were possible is there any stamp duty or taxes payable and by whom.

[pawncob]

There are no taxes involved as there is no transfer of property. You are merely guaranteeing that they pay the mortgage. If they don't, you become liable, but you don't get any share in the property.