Unclear about new Stamp Duty Law

[Tina]

PLease can someone help - i need to know about stamp duty with regard to transfering equity - i.e. mortgage owned jointly now being transfered into 1 name and also mortgage owned soley and transfering into joint names. Does any one know about this?

T

[Ian McTernan CTA]

The solicitor dealing with the transactions should be able to advise on this, as he will have to help you complete the SDLT forms.

Ian McTernan CTA
McTernan Associates Ltd
Chartered Tax Advisers
ian@imcternan.com

[Tina]

Thanx Ian

The only trouble is I don't trust the solitors - as i have dealt with transfering equity in the past and they have not been charged - what seems to be the same situation - this client is being charged.

Any ideas?

[Geoff2ey]

Hello Tina: It seems to me that the law changed last year and instead of stamp duty we now have SDLT or stamp duty land tax, which bites much harder. Telephone around your local solicitors and buy an hours paid consultation from one you like the sound of.
Geoff

[vikki]

Hi we are doing a house swap and have been given conflicting information as regards stamp duty. Some solicitors say we pay the full amount some only a nominal payment could you please clarify. For your information the value of the two properties is 143,000 and 205,000. Thanks Vikki