Hi there,
In 2012, myself and my husband wanted to purchase a flat. We had a mortgage issue near completion due to the fact that the lender would only allow a maximum of 4 mortgages with them which we had.
Due to the limited time we had left to complete, our broker advised us to purchase the flat in my sisters sole name as the lender had already completed the survey. We paid the reservation fee, solicitor fees and stamp duty. All outgoing for the flat have been paid by us including all mortgage payments. She would like her name removed from the mortgage and land registry.
The flat was purchased for £185,000 and is valued at £300,000. There is roughly £124,000 mortgage outstanding which we can clear if it makes the transfer process easier.
What is the best way of doing this? Will there be any stamp duty and capital gains to pay?
We set up a deed of trust which reflects my sister having a 0% share and interest in the property and that she was only used as name only as we couldn't acquire a mortgage at the time.
Any input greatly appreciated with thanks.
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