Hi there,
My house is valued at £350k. I've got an equity of £100k and an outstanding mortgage of £250k. I transfer half share of the property to my wife and we make a joint application to re-mortgage our house by borrowing £250k at a mortgage fee of £2k, which is added to the mortgage.
Do we need to pay Stamp Duty for the transfer of title? In other words, would the consideration for SDLT purposes be £125k(in which case no SDLT would be due) or 126k (i.e. [250k + 2k]/2, in which case an SDLT of 1% would apply.)
Thanks in advance for your help.
My house is valued at £350k. I've got an equity of £100k and an outstanding mortgage of £250k. I transfer half share of the property to my wife and we make a joint application to re-mortgage our house by borrowing £250k at a mortgage fee of £2k, which is added to the mortgage.
Do we need to pay Stamp Duty for the transfer of title? In other words, would the consideration for SDLT purposes be £125k(in which case no SDLT would be due) or 126k (i.e. [250k + 2k]/2, in which case an SDLT of 1% would apply.)
Thanks in advance for your help.