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, Thank you question and welcome. My name is ***** ***** I will assist you. If your loan is less than the value of the property, you will have to obtain an order and account to the debtor additional sums left once your loan is repaid.
If you repossess the property as a mortgagee in possession you wont incur an SDLT charges as there will not be a transfer of value.
I look forward to hearing from you.Kind regards AJ
Ok so am i a mortgagee in possession then ?
Can you tell me what is happening ??
I am totally confused now with all this
why are you not coming back to me ??
Can you call me on *********** /p>
, Thank you. I am here, I will go on and off line so please do not be concerned if you do not hear from me right away.
Do you have a possession order?
Is your loan greater or less than the value of the property?
no not yet and the mortgage is probably greater than the value of property
Ok si if I get the debtor to agree does that make me a mortgagee in possession and I does that mean I pay no stamp duty?
So i understand once I take back the property with the debtors agreement you say but it is not clear if sdlt is payable I will need to get clearance from hmrc ? But if I am holding the property how does hmrc know ? Why is it not clear cut
How does one know if one is mortgagee in possession ?
You said at the beginning if I repossess the property as mortgage in possession I won't incur sdlt ? But now you are saying I would need hmrc to tell me if that is the case ?
, Thank you. You will be a mortgagee in possession as you will have taken a charge over a property and then applied possession order. You can then use the possession to register a transfer of the property title into your name at the land registry.
Being a mortgagee in possession is a transfer that is exempt from an SDLT charge.
As HMRC are responsible with collecting this tax and your solicitor will register the transfer, it would be prudent in any regard to have HMRC confirm that they will not be charge SDLT on the transfer as it is exempt. Kind regards AJ