• Equity / Gifting

    By Guest on 08th Jan 2017

    I am on the deeds to a house bought in 2008 along with my mum and dad.
    I now want to remove my name from deeds and mortgage to buy my own home.
    I've never contributed but, was on the deeds etc so my dad could get stamp duty exemptions.
    If I buy a house I will get charged the new Stamp duty of 3/5% unless I'm. Removed asap.

    How long does this take? Price involved by solicitor and any implications ?

    I will be gifting my share or share of equity.

    The house is valid at £180K and with a £125 mortgage remaining

    Any help would be most appreciated

  • 1 Answers

    By Guest on 23/02/2017

    Once either a) the mortgage lender has agreed that you can be released from the mortgage or b) your parents have a mortgage offer from another lender which they can use to pay off the existing mortgage the process is quite straightforward and can be done in 2 - 3 weeks provided you and your parents act promptly. The solicitor fees might be around £300 plus disbursements.

    PRovided this is the only property your parents own there will be no stamp duty. Otherwise it will be 3% of £41,666 as for stamp duty purposes your parents are "paying" one third of the mortgage debt, as this is the debt they will be taking over from you.

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