Hi all
I'm in a similar situation to Bellman - my partner and I were not ftb when we purchased our property 16mths ago, however the property was a new build so we didn't have to pay stamp duty on it. I have been given advice that I must pay stamp duty on 50% of the current value of the property in order to change the title deeds into my name only, but would really appreciate some advice as to whether or not I am actually only liable to pay stamp duty on 50% of the total equity of the property? The current property value is 400,000 and the outstanding mortgage is 370,000, so as you can see there are dramatic differences between the two amounts that I could potentially owe.
Regards
Boo1