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wingrovebuyer
wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience:  Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
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Hi, I have just obtained an order for sale for a house I own

Customer Question

Hi,
I have just obtained an order for sale for a house I own 50/50 with my brother.
The court has set a set value for the property.
I hold a large charge that i was awarded and has been fixed on my brothers share.
The amount he owes me and with the mortgage he has no equity at all and is actually negative.
My question is can I buy the house and if so would I have to pay stamp duty as all I would be doing in reality is removing his name and paying up the mortgage?
Thanks
Terry
Submitted: 2 years ago.
Category: Property Law
Expert:  wingrovebuyer replied 2 years ago.

wingrovebuyer :

Hello. Yes, you can buy it, if your brother agrees. If you take on or pay off the mortgage, you will pay Stamp Duty Land Tax on the balance of the mortgage but only if that sum crosses the rrelevant threshold.

Customer :

The problem is he would properly disagree just for the sake of it. I thought the order of sale meant I could sale it to whoever I like a long as I get the minimum value the court set? Thanks

Customer :

The mortgage owing is approx 42000. Would that take me over the threshold?

wingrovebuyer :

I don't know exactly what the Order says but if your brother is compelled to sign a transfer at a minimum price, and taking into account your share and what you havean order for this minimum is met, I see no problem forcing him to cooperate. The threshold is £125000, so if you bought him out for £40000 or took on the mortgage at that amount there'd be no SDLT to pay.

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