Stamp Duty on partial transfer of a property

by **kumar9** on Fri Sep 24, 2010 3:30 pm

A couple owe me money ,have no cash but have a property(owned as tenants in common). They want to pay me off by transferring a % age ownership of the property equivalent to the debt amount(About £ 150,000).
Would I have to pay Stamp Duty?And how much ?
Thanks
Kumar9

by **section 44** on Fri Sep 24, 2010 5:40 pm

Yes, about £1,500.

by **kumar9** on Mon Sep 27, 2010 6:53 pm

Thank you Sir

by **kumar9** on Wed Sep 28, 2011 8:00 pm

Further question please,the partial property transfer(as a gift) papers were signed and notorized last year but submitted to Land Registry only recently.Which date applies for IHT 7 year rule calculation purposes ??Thanks

by **maths** on Wed Sep 28, 2011 9:17 pm

IHT applies to gifts.

The transfer of the interest in the house to you was not a gift but as settlement of the outstanding debt.

by **kumar9** on Wed Sep 28, 2011 10:19 pm

Thanks ,

But if it was a gift,what date would apply to work out the passing of the first two years please ?
Thanks

Anil

by **maths** on Wed Sep 28, 2011 10:27 pm

The date the papers signed last year as i assume that the papers transferred the beneficial interest; the Land Registry is i assume to add your name to the legal title.

by **kumar9** on Tue Oct 04, 2011 12:06 am

Thanks Maths.

by **kumar9** on Mon Feb 13, 2012 5:36 pm

Hi Maths

The land Registery registered the title only in January this year,2012(first the papers were misplaced and then some last minute check ups by the land registery caused delay)though the transfers were originally signed and sealed in June 2010.
So in June 2012,it will be two years.In the meantime,one of the parents health has deteriorated and other remains relatively healthy.
Would it be advisable to draw up a new WILL and have the healthier partner inherit the estate of the unhealthier partner(instead of the current will whereby my wife and me inherit the estates on each death??)
Also,the current split in ownership is 60% my wife and myself and 405 my parents.The distribution of the costs can be done at the end of each year after adding up all the common costs?

Thanks
Kumar

by **maths** on Tue Feb 14, 2012 2:09 am

Would it be advisable to draw up a new WILL and have the healthier partner inherit the estate of the unhealthier partner(instead of the current will whereby my wife and me inherit the estates on each death??)

Not sure how the above relates to your opening query?