I am a bit confused about the SDLT rules for gifts of property with a mortgage.
Our situation is that we (unmarried couple) own our old PPR now let out as BTL. I think we own it as joint tenants with equal share. I don’t think we are tenants in common at 50:50 but I might be wrong.
Property purchased on 2004 at £340k.
Property currently worth £600k with £220k outstanding BTL mortgage.
We are getting married in the next month. Partner is 40% tax-payer, I am not. Thus we want to gift the property into solely my name (or 99% mine if needed), but keep his name on mortgage, otherwise we may struggle when it comes to remortgaging.
How do I calculate SDLT on the gift?
Thank you for your advice.
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