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Category: Property Law
Satisfied Customers: 313
Experience:  Expert
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I would like help on transferring title property with a

Customer Question

Hi I would like help on transferring title property with a mortgage. How to avoid stamp duty if possible
JA: Because real estate law varies from place to place, can you tell me what location this is in?
Customer: London
JA: Has anything been filed or reported?
Customer: Sorry what do you mean
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: I don’t think so thanks
Submitted: 12 days ago.
Category: Property Law
Customer: replied 12 days ago.
It’s me and my father in title and loan. Wish to change my father to my wife.Not essential she is on remortgage.Father will gift my wife his part. Mortgage £430k
Expert:  AlisonSolicitor replied 11 days ago.

Hello, my name is***** hope you are well today. I am a qualified Solicitor, and I will be able to help you by providing you with an answer to your question today. I specialise in UK and Irish Law. I am not always online but rest assured if I do not respond immediately I will respond when I return.

Expert:  AlisonSolicitor replied 11 days ago.

Is there anything else you feel is relevant to your question or anything else you would like to add before we continue?

Expert:  AlisonSolicitor replied 11 days ago.

If the deeds of your home have been transferred to you mortgage-free, you won’t have to pay stamp duty on the market value of the property. This often happens when properties are gifted or included in someone’s will. But if a share of a property is transferred to you and you take on responsibility for some or all of the mortgage, you may well have to pay stamp duty.

Expert:  AlisonSolicitor replied 11 days ago.

Thank you for your question on JustAnswer. I am always available to help and please do let me know if you have any other questions I can answer for you.

Customer: replied 11 days ago.
If my father gifts my wife her portion let’s say 50%
And the mortgage left is 240k and she’s takes on part of the mortgage 120k then will it be stamp duty exempt.
Customer: replied 11 days ago.
His* portion
Expert:  AlisonSolicitor replied 10 days ago.

What is the value of the property?