Stamp duty help ..

S

Salem

Registered User
Messages
73
Hi guys,

Maybe someone can help.
Father-in-law signed his house and land over to his son and daughter (my wife)
before he died. We sat down with a solicitor and decided that we would build
our ppr on the land and the brother-in-law would be the sole owner of the house i.e.
the brother would sign his half of the land over to his sister and she would sign
her half of the house over to her brother.
All the paperwork was sorted out for this and our house is built. We paid stamp
duty on the land. We are in the process of switching mortgage providers and for
this to be done the solicitor is now saying that my brother-in-law now has to
get his house valued, which is about 550k, and pay stamp duty on it !
This just doesen't sound right to us so we arranging a meeting with the solicitor.
Has anyone been thru something similar ?. I just want to go into this meeting
asking the right questions.

Thanks in advance ...
 
"asking the right questions."

The only question you need to ask is "what happened back then?"

Either the land on which you built your house is in your wifes sole name or it is not. And if it is not, why is it not? And how could you have originally taken out a mortgage on the land if it was not in your wife's sole name?

mf
 
If you paid stamp duty on the transfer of the land, why didn't your brother-in-law pay stamp duty on the transfer of the half of the house to him (or have it adjudicated as not being subject to stamping)
 
Hi guys,
That looks like what happened Stifster ... Solicitor assumed we knew this ...
Should we try and get the house valued as close as possible to the threshold,
within reason of course ...
Oh and could you explain 'adjudicated as not being subject to stamping'

Thanks again guys ... Its a bit clearer now ...
 
In some cases, e.g. voluntary transfers (no consideration) the Revenue will adjudicate on what the value of the property being transferred is (not necessarily land but also shares etc).

My conveyancing is a bit rusty but if no money passed over then the deed might still need to be stamped with the relevant duty depending on the actual value and the Revenue would need proof in that regard.

The valuer has to give you a fair valuation but depending on whether the value is for a re-mortgage or stamp duty assessment, they can put a value at the upper or lower end of the realistic range.
 
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