Ten years ago my wife and I bought a house. The cost was £100,000. My brother loaned me £10,000.
My wife and I put £20,000 deposit, leaving a balance of £70,000 motgage. My brother and I agreed, on him loaning me the sum of £10,000, and once it was paid back for his name to be removed from deeds. The house is worth between £240,000 and £280,000, the mortgage is at £71,000 including building and contents insurance.
Is stamp duty applicable on £10,000 loan, or is it on 1/10th of the total value of the house, or as a pecentage of the value of the house minus the mortgage?
Please can some-one advise me, as I would like to get an idea if Stamp duty would be due before I do anything.
kindest regards. Mikemos
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