Stamp Duty Land Tax: transfer ownership of land or property
Posted: Thu Nov 29, 2018 8:02 pm
Hi,
We have a buy to let property with 50/50 percent ownership in my name and my Mrs name.
Flat valuation is 180000. There is 90000 mortgage outstanding. Mortgage is also in joint names.
My Mrs works part time and I am high tax payer.
For tax purposes, could we pay out (by taking equity out of residential property) remaining mortgage on rental property and then I transfer remaining shares in my flat in my Mrs name so she owns 100% ownership without any mortgage.
We did not paid any SDLT when flat was purchases 10 years ago as it was below 125K mark.
Do we need to pay any CGT or SDLT?
and how much this would cost us in terms of solicitors feee etc (average cost)?
We have a buy to let property with 50/50 percent ownership in my name and my Mrs name.
Flat valuation is 180000. There is 90000 mortgage outstanding. Mortgage is also in joint names.
My Mrs works part time and I am high tax payer.
For tax purposes, could we pay out (by taking equity out of residential property) remaining mortgage on rental property and then I transfer remaining shares in my flat in my Mrs name so she owns 100% ownership without any mortgage.
We did not paid any SDLT when flat was purchases 10 years ago as it was below 125K mark.
Do we need to pay any CGT or SDLT?
and how much this would cost us in terms of solicitors feee etc (average cost)?