P
penfold77
Guest
Hello, first time poster here as Google has lead me to the site
I'm trying to work out what level of stamp duty I'm going to be liable for when I buy out the remaining share of a house part owned by my wife. The details are as follows.
The house is split into 5ths.
My wife has £53k equity and a 1/3rd share of what was a £150k mortgage.
Her brother has the same share.
His girlfriend has a 1/3rd share of the mortgage, which means she has paid of £3k equity.
Purchase price: £249,999
I've agreed to pay my wife's brother £53k and his girlfriend £3k and I will take on the rest of the mortgage which will be in the region of £141k.
We won't be re-mortgaging as the lender have agreed to change the names on the mortgage and we will carry on paying at the current rate (The 3 year fixed deal has ended so we will be on the base rate).
The thing I'm not sure on is what I will pay stamp duty on? The purchase price? The equity? Or something else?!
Thanks in advance
I'm trying to work out what level of stamp duty I'm going to be liable for when I buy out the remaining share of a house part owned by my wife. The details are as follows.
The house is split into 5ths.
My wife has £53k equity and a 1/3rd share of what was a £150k mortgage.
Her brother has the same share.
His girlfriend has a 1/3rd share of the mortgage, which means she has paid of £3k equity.
Purchase price: £249,999
I've agreed to pay my wife's brother £53k and his girlfriend £3k and I will take on the rest of the mortgage which will be in the region of £141k.
We won't be re-mortgaging as the lender have agreed to change the names on the mortgage and we will carry on paying at the current rate (The 3 year fixed deal has ended so we will be on the base rate).
The thing I'm not sure on is what I will pay stamp duty on? The purchase price? The equity? Or something else?!
Thanks in advance