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Old 7th Nov 2018, 11:19
  #20 (permalink)  
LowNSlow
 
Join Date: Aug 2000
Location: No longer in Jurassic Park eating Toblerone....
Posts: 2,652
Firstly, if he transfers the flat from joint names to her name only there will be a further stamp duty impact but only around 150 (3% of 100,000/2, 3% as it's a 2nd property).

Secondly, as the terms of the ownership have changed she will have to remortgage the flat and if she's going down the buy-to-let route she will struggle to get more than a 75% mortgage. This means she will have to stump up 38k to cover the debt plus 25k as the deposit for the new mortgage.

Does she want to commit 63k to this flat? Wouldn't it be easier and cleaner just to sell the place, take the 19k hit each and then commit her cash to a more profitable property?
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