Stamp Duty?

D

deetah23

Guest
Hi
I was wondering could someone shed some light on this for me. If you are buying someone out of a property are you liable for stamp duty? I know that you need to re-mortgage the property as such so as it is on one name and not two but does this then lead to having to pay stamp duty? I would really appreciate your thoughts/advice on this.

Thanks
Deetah
 
Deetah
the main issue for stamp duty is where you are changing the title on the property. You dont give huge details, but if what you are saying is that you are on title and the other is not, and you are buying the other out, then it looks like there would not be stamp duty as there is no change in title. Is this what you are saying?

Problem for giving any advice is knowing all the facts, so as for all these matters, if you need to rely on well meaning views (meaning myself), it always on the basis that you get professional advice if its a significant matter.
 
Hi

The situation is that myself and my partner bought the property together 4 years ago. We have since decided to go our separate ways, but I want to try and buy him out of the property but I want to know financial what this will mean. The current situation is that the morgage stands at about €170,000. We would sell for about €325,000. I would obviously have to buy him about so I would have to remortgage for the 50-60K to give to him and my question is would I be liable for stamp duty aswell? My current salary is €40K. Can you advise if this would be a realistic move for me? The only other alternative is to sell and start looking again on my own but I would ideally like to keep the property because going on current standards I would never get somewhere like it for the money.

Sarah
 
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