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Buying from family member

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  • Buying from family member

    I was hoping someone could advise me on the following.

    My brother owns 40% of a house and my father owns 60%, i need to buy the 40% off my brother and have the deeds transferred into my name. If the total value of the property is 250,000 GBP can anyone tell me if I will have to pay stamp duty as i will only be spending 100k on the property.

    All advice welcome.

  • #2
    Re: Buying from family member

    Hi, this is really something you should have a solicitor handle for you to ensure that your interest is protected but to answer your question, you will only pay SDLT on the value of the interest being transferred.

    At £100k, no SDLT is payable.

    Hope that helps, and please as I say, seek legal advice on this if you haven't already.
    I am a dual qualified lawyer and surveyor but what I say here is not legal advice!
    http://www.thepowerlinegroup.co.uk Pylon Compensation


    • #3
      Re: Buying from family member

      Agree with last post.

      If there is a mortgage on the property then you also have to include the proportion of the mortgage debt that you are taking over - presumably 40% in the calculation. So If there is a £100K mortgage and you take over £40K SDLT is calculated on £100K = £40K = £140K and is therefore charged at 1% = £1,400.

      However as you are paying £100K I assume that there is no mortgage as you would not be silly enough to pay as much as that if you were going to be lumbered with a share in the mortgage liability.
      RICHARD WEBSTERwww.rwco.co.uk
      As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.