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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
This is comprehensively covered by the Gov UK web site on Stamp Duty Land Tax (SDLT) viz:
'You don’t pay SDLT if 2 or more people jointly own property (as joint tenants or tenants in common) and you divide it physically and equally and own each part separately. But, if one person takes a bigger share, or all of the other’s share, and pays cash or some other consideration in exchange, you must tell HMRC. If the amount you pay is more than the current threshold, you’ll pay SDLT on it,'
In the scenario you quote then there will be no SDLT unless cash or other consideration changes hands.
I do hope that I have been able to set your mind at rest on this matter.
I would suggest that to use a chose in action is a hammer to crack a nut.
A chose in action is a comprehensive term used to describe a property right or the right to possession of something that canont be obtained or enforced through legal action. It is used in contradistinction to chose in possession, which refers tocases where title to money or property is in one person but possession is held by another.
A normal transfer by deed would be a simpler and cheaper solution. Any competent solicitor can arrange such a transaction.
It is lawful, obviously to use the cheaper SDLT option might be to your advantage.
Thank you for your support.