HI there,
Just looking for some guidance please...
In 2013 my partner (now wife) moved into a property owned by my (now) brother and sister in law. At the time I owned another property (mortgaged) that I was not able to sell at the time due to negative equity. Therefore I wasn't able to take a new mortgage on the property we now live in, so we kept the mortgage in my brother in law's name, removed my sister in law from the mortgage and added my wife to the mortgage all via t of e. As my brother did not come off the mortgage we didn't pay SDLT at the time. The property was worth £220k then and the mortgage was £167k with my brother in law effectively lending us the difference for the deposit.
I've now sold the other property and we now want to remortgage the property we live in in mine and my wife's name, we are looking at remortgaging for around £212k to allow us to pay my brother in law back the "loan" plus a bit for the equity increase and also because there are now better rates available as we are on the SVR. The house has now been valued at £265k. The loan from B in law was never formal it was all verbally agreed.
Just trying to work out what SDLT would be payable if we remortgaged. I phoned the HMRC advice line but was told that they can't give advice (?)
Thanks in advance for any help.
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