11:16 AM, 27th May 2022, About 3 months ago 16
I am going to sell a BTL flat with is under my sole name. For tax efficiency, I would like to transfer part of ownership to my husband (I am a high rate taxpayer) before selling.
The Mortgage provider has no issue to add his name. My questions are:
1) if I pay down the mortgage to 80k eg chargeable consideration of 50% of ownership becomes 40k, then there is no SDLT to pay for 50% transfer, right? or alternatively
2) I keep the mortgage at the current level (120k) but transfer less percentage ownership say 1/3 to my husband to stay below 40k, there is also no SDLT to pay.
Do I understand it correctly?