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Where Taxpayers and Advisers Meet

Stamp Duty Land Tax: transfer ownership of land or property

mane1034
Posts: 7
Joined: Mon May 04, 2015 10:07 pm

Stamp Duty Land Tax: transfer ownership of land or property

Postby mane1034 » Thu Nov 29, 2018 8:02 pm

Hi,

We have a buy to let property with 50/50 percent ownership in my name and my Mrs name.

Flat valuation is 180000. There is 90000 mortgage outstanding. Mortgage is also in joint names.

My Mrs works part time and I am high tax payer.

For tax purposes, could we pay out (by taking equity out of residential property) remaining mortgage on rental property and then I transfer remaining shares in my flat in my Mrs name so she owns 100% ownership without any mortgage.

We did not paid any SDLT when flat was purchases 10 years ago as it was below 125K mark.

Do we need to pay any CGT or SDLT?

and how much this would cost us in terms of solicitors feee etc (average cost)?

AGoodman
Posts: 711
Joined: Fri May 16, 2014 3:47 pm

Re: Stamp Duty Land Tax: transfer ownership of land or property

Postby AGoodman » Fri Nov 30, 2018 9:54 am

Yes - should be tax free provided you are married to your Mrs (never assume!)

The costs should be fairly minimal but it is difficult to be sure with a lease as, in some cases, the landlord will want to instruct their own firm to prepare a licence to assign and bill you for the privilege.

Worth checking if your lease requires any form of consent to an assignment.

Best way to get a quote is to show it to a local solicitor and ask them.

mane1034
Posts: 7
Joined: Mon May 04, 2015 10:07 pm

Re: Stamp Duty Land Tax: transfer ownership of land or property

Postby mane1034 » Fri Nov 30, 2018 2:48 pm

seems I am tired to fix mortgage.


could it be done still keeping same mortgage?


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