I don't believe any Stamp duty is due in this case, but with the recent changes would be grateful for a quick check over:
Property and mortgage in sole name of Husband - who is putting the property and mortgage into joint names with wife, and at the same time borrowing more:
Property value: £450,000
Current Mortgage : £146,000. There is also a mortgage reserve account which is being used: £47,000.
There is no actual 'cash' changing hands, but - further borrowing taking place via this remortgage of an additional £74,000, taking the total new joint mortgage to £267,000.
The extra borrowing for a mixture of purposes (Debt, Home improvements).
If I understand correctly the Stamp Duty Calc is simply:
£146,000 + £47,000 = £193,000 / 2 = £96,500.
So is below the £125k & no stamp duty charge ?
Thanks all,
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