Do i want to clear stamp duty on a remortgage of 119,999 if i am taking a soul past its sell-by date the mortgage/deeds?
im looking to remortgage and borrow slightly more...my remortgage amout is lb113,500 + lb6,500 extra capital plus any mortgage fee's under lb2,500 but i thought stamp duty be only payable on a property purchase and not remortgage?i am removing a name from the mortgage and deeds and wonder if that effects things?
Answers:
this is interesting as i have assumed stamp duty was only applicable when buying a property...a re-mortgage is not buying a property as such, but fairly using your property as source co-lateral. Source(s): http://www.hmrc.gov.uk/so/sdlt/index.htm
There are a couple of exceptions (which do not apply to your case) but in standard stamp duty is only payable if there is consideration salaried. Are you paying the person you are removing from the mortgage? If so stamp duty would be payable unless covered by an exemption (such as transfers between spouses). If you are not paying anyone any money, then here will be no stamp duty.
Remember the stamp duty threshold is lb125k so you may be below it either way.
You will hold NO stamp duty to pay on your remortgage. Removing a name make no difference as long as your name is already on the Deeds.
Rest Easy!
No, you don't, I was in alike situation ie I remortgaged to pay off my ex and enjoy her taken off the deeds.
As long as you don't move house your fine
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Answers:
this is interesting as i have assumed stamp duty was only applicable when buying a property...a re-mortgage is not buying a property as such, but fairly using your property as source co-lateral. Source(s): http://www.hmrc.gov.uk/so/sdlt/index.htm
There are a couple of exceptions (which do not apply to your case) but in standard stamp duty is only payable if there is consideration salaried. Are you paying the person you are removing from the mortgage? If so stamp duty would be payable unless covered by an exemption (such as transfers between spouses). If you are not paying anyone any money, then here will be no stamp duty.
Remember the stamp duty threshold is lb125k so you may be below it either way.
You will hold NO stamp duty to pay on your remortgage. Removing a name make no difference as long as your name is already on the Deeds.
Rest Easy!
No, you don't, I was in alike situation ie I remortgaged to pay off my ex and enjoy her taken off the deeds.
As long as you don't move house your fine
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