Transfer of property Limited Company to personal

[notmyaisle]

I would be very grateful if somebody could clarify this.

Under a Limited Company, of which I was Director, I built 2 houses. The Bank lent the Company 70% of the development cost secured on the development. I injected the remaining 30% from my own personal funds.
At the height of the recession, I was trying to sell the properties, without success. The commercial funding reached its time limit and the Bank wanted its money back and I was unable to secure a loan for my Limited Company to repay the commercial debt. The only way to get funding was to get a mortgage in my name.
When the properties were transferred from the Company name to my name my solicitor told me there was no Stamp Duty payable as it was a transfer for no monetary value. (i.e. I took out a loan at the same value of the commercial debt to repay the Bank.)

This firm of Solicitors has subsequently gone into administration, my 2009/10 personal tax is due and my Accountant is saying that Stamp Duty IS payable on the transfer.

My Accountant admits that "this is not his area" however, could you please tell me who is correct???

[section 44]

You are liablie for stamp duty (SDLT) by reference to the lower of the market value of the property and the amount debt dsicharged by you (you effectively assumed/discharged an obligation of the transferor).

[notmyaisle]

Thank you for taking the time to reply.