Stamp Duty on Transfer of Equity

by **danarm101** on Sun Jul 11, 2010 6:06 pm

My partner and I have recently split up and are deciding to what to do with the jointly owned house. I am considering a transfer of equity and taking sole ownership.

The house has been valued a 270K and we have a remaining mortgage of 116K, therefore we have equity of 154K. I therefore need to transfer the remaining mortgage to my name, plus add 77K to pay off my partners equity. My question is, am i liable to pay Stamp Duty on this transaction? If so, how is it calculated and how much?

Cheers,
Dan

by **section 44** on Mon Jul 12, 2010 10:20 am

Yes - £1,930

by **Nick Beecham** on Mon Jul 12, 2010 2:12 pm

Surely the calculation is this:

Amount of additional mortgage debt assumed: £58,000

+

Additional consideration: £77,000

Total consideration subject to SDLT: £135,000

Best wishes
Nick
NB This assumes you are not married, nor in a civil partnership and that you are currently equally liable for the mortgage debt