Stamp duty land tax on 'consideration'
Dear Her Majesty’s Treasury,
If a person is the sole legal owner of a residential property of value £225,000 but has a joint mortgage (sole proprietor, joint borrower) with 2 other people who are not legal owners of the property with £150,000 outstanding on the mortgage, and the 2 non-legal owners buy the property off the legal owner by taking out a further £75,000 mortgage (in addition to the £150,000 mortgage already against the property), assuming no relief/exemptions apply (such as first time buyer relief), is any stamp duty land tax payable (that is, is the consideration £125,000 (which is not above the stamp duty threshold) comprising of the extra £75,000 mortgage and the legal owner's £50,000 share of the existing mortgage which the non-legal owners take on when the existing legal owner is released from the mortgage, or the full purchase price of £225,000 even though the 2 non-legal owners were already jointly liable for 2/3rds (£100,000) of the £150,000 mortgage with the legal owner)?
Yours faithfully,
Brian Harrison
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