• Transfer Of Equity

    By Guest on 11th Nov 2020

    Hello,

    I have a joint mortgage on a property with my sister, it is a sole-proprietor joint-borrower mortgage whereby my sister is the only legally registered owner.

    We contributed to the property equally in terms of deposit etc so financially speaking, we are 50:50 owners and have a mutual understanding of this.

    The property is worth 400k with a 340k mortgage balance so there is 60k of equity.

    In terms of a transfer, would the consideration be 30k and is there stamp duty payable on this? I own a separate BTL flat.

    Given that I am already named on the mortgage and responsible for half of it, there should be no changes to the mortgage.

    Thank you.

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