Hello,
I live in the North of England and own a freehold detached property. It had a purchase price of £349,000 and is in the name of me, my wife and my mother as 'Joint Tenants'. The current valuation of the property is approximately £400,000. The outstanding mortgage on the property is £82,000 which is under all our names. The joint mortgage taken out was just based on my sole income. My wife and mother have no income.
My mother is contemplating moving out of the U.K. permanently and hence wants to be taken off the mortgage and the title deeds. There are no exchange of monies. Me and my wife will be taking on the outstanding mortgage.
Can someone please help me with the following queries;
1. Is transfer of equity classed as a purchase/sale?
2. What is the total chargeable consideration in this scenario? Is it £27,333.33, i.e. £82,000/3 as me and my wife are just taking on the share of my mother's mortgage or is it £82,000?
3. Is any SDLT due allowing for the current or pre-pandemic thresholds?
4. Will SDLT require filing with HMRC in this scenario?
I will be very grateful if anyone can answer these questions.
Kind Regards,
KCSunshine
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