Stamp duty/fees

[rayosun4]

Hi

I checked all previois posts but couldn't find similar situation. Wondering if anyone was in the same situation..
Post divorce property transfer. I need to get mortgage to buy off my ex (leftover on house mortgage) approx 135 k
Is my stamp duty will be 1% of that amount? Or of the full value of the house?
Broker said banks will want at least 4 k on savings account for all legal fees. Looking through posts here i can see anything from 2 to 5 k in fees (solicitor, deeds exchange and so on).

Did anyone here was in similar situation?most i see either first time buyers or very typical sutuations.

I find the whole process so annoying and unnecesary stressful(

 

[resjudicata]

@rayosun4 Stamp duty only needs to be paid when purchasing a property. So assuming it is both names on the property at the moment, you won't need to pay stamp duty. As your name would already be on the deeds it would be classed as an equity release which is being used to buy out the other person's interest in the property.

As for legal fees average would be between €1,500-€2,500. Ask for quotes from different solicitors and seen what they will offer

 

[rayosun4]

@resjudicata My name is not on the deeds as it was in his name only. I have a divorce court order that i will get the property after buying him out. So i need to get mortgage to pay off his remaining and solicitors will exchange deeds and propertg ownership.

Tbh anything related separation/divorce in this country is an utter shitshow. I definitely don't need any deposit and in some banks they would qualify as first time buyer (4xgross) and in others only at 3.5x gross. Should be straight forward but nonetheless they don't make it easy. I live in the property for many years and paying mortgage for the last 3 years! LPT and house insurance.

 

[resjudicata]

@rayosun4 Ok that's a bit more complicated than just having the deeds amended. Sounds like there would be a full transfer of ownership. So in that case you would need to pay 1% stamp duty the market value of the property.

Definitely prioritize getting a solicitor in place. They should be able to confirm exactly what's needed and help sort all this out for you.

Wishing you the best with this and hope you're doing well

 

[njehia]

@rayosun4 If it’s a court ordered transfer you should not need to pay stamp duty. (See here)

You need to consult your solicitor on this as the court order wording and agreed terms are very important in ensuring you get the exemption.

 

[rayosun4]

@njehia Thanks! Yes it seemsI don't have to pay stamp duty. Only remaining mortgage and legal fees of transfer/deeds exchange.