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You say you and your sister jointly bought a property 11 years ago. As you are a registered owner of that property at present, any additional property that is registered in your name would attract the extra 3% stamp duty. It is ownership of the property and not whether you lived in it or not that determines whether you pay the extra 3%.
You are suggesting what if you were to take your name of the deeds .. what is your plan .. sell your share to your sister?
By removing your name as a owner from the land registry records before you embark on your purchase of another property, you would avoid paying the extra 3% SDLT. If you are short of funds then it would be wise to remove your name by transferring your share to your sister before your next purchase. You will have to pay the extra stamp duty in the first place.
More information on this can be found here .. look at the flow chart in 1.1
I hope this is helpful and answers your question.
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Thank you for your reply.
You need to document transfer of your share in the property to your sister. You should not only contact the mortgage company but also make sure the transfer is registered on the title deed of the property. You may need help of your solicitor to do that. Please communicate in writing for future reference.
It makes no diffference whether the mortgage is interest only or repayment.
Once you have carried out the above then you would not have ownership to another property and you can declare this to the lender and your conveyancing solicitor.
Your new purchase in this case will not be subject to the higher rates of SDLT as you would own one property only after the transaction.
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