Home transfer stamp duty

[edgetrading]

I half own a flat with my sister.

It is valued at about £400k.

She is moving out, so I will be buying her our for about £200k.

How exactly does the stamp duty work? I've heard that some people who've transfered homes have not had to pay stamp duty, but they don't seem to know the full details.

 

[gedward3]

I half own a flat with my sister.

It is valued at about £400k.

She is moving out, so I will be buying her our for about £200k.

How exactly does the stamp duty work? I've heard that some people who've transfered homes have not had to pay stamp duty, but they don't seem to know the full details.

You would be better off seeing a solicitor as they can look into more detail for you as they may know more about the trasfer route.

In theory you probably paid SDLT when you purchased the property but if gains have
been made by you both you are in effect purchasing her share/equity now and should be
paying 1% on the purchase price of £200k which will be £2000.

I work as a mortage broker and can make some calls when im in the office tomorrow to get definate information if you email me more details to [email protected] or [email protected]

Ged

 

[haddoxerik]

Home transfer Stamp duty is a tax levied upon the sale of shares and property to cover the cost of the legal documents of such transactions. It is levied by the respective state governments and cuts in it various rates depending upon which state you reside.