Stamp Duty Implications on Joint to Sole Ownership

[Perfect Frod]

I have a house in both myself and my wifes name. We intend to put in in my sole name only. The outstanding mortgage is £167,000-00 and the value is £285,000-00. No money will change hands. What are the stamp duty implications, if any?

Ian

[paulc]

Depends on what's happening with the mortgage. Presumably it is currently a joint mortgage If your wife will still be liable for the mortgage, even though not having an interest in the property, there should be no stamp duty as it is a gift. However, if she is being released from the mortgage, you would be regarded as buying the property for the amounat of the mortgage for which she is no longer liable and stamp duty would be payable on that amount (but not the full value of the property).


Paul