Divorce settlement - house transfer or sale purchase?

[hingis12]

hi, I am in a unique situation where even conveyancers are not fully sure about what to do!

My ex husband owns family house in his sole name. After divorce, as a part of conesnt order, he is supposed to transfer the house on my name and I need to pick up the remaining mortgage. I have arrnaged for a new mortgage for purchase of the house at leftover mortgage as the house price (refeered as a houes purchase).

Now I checked with my convyancer whether the house transfer to me after paying the mortgage to my ex husband should be shown as a transfer of equity or sa a sale purchase, he is not just very sure. Searching on net has not helped either to resolve the situation.

Please let me know if anyone have had such experience or know of such scenario and whether the house was transferred or a formal sale purchase was carried out.

Does it matter?

FWIW I'd say it is a purchase.

He needs to be represented, as his solicitor will need to undertake to pay off the mortgage on completion.

it has to be a sale purchase as money is changing hands. the money from your new mortgage is to be used to pay off the old mortgage. at the same time his name must be removed from the deeds.

Is the main reason it matters to do with whether stamp duty is payable? If so I'd wonder whether checking with HMRC could be helpful in getting a determination before the paperwork is completed. Good luck.

A transfer pursuant to a court order in divorce proceedings is exempt from SD.

Thanks for the replies..

Sale purchase will be exempt from the stamp duty. The value of mortgage is about 1/3 of the original house value so the purchase price shown in land registry will be 1/3 of the overall value. If it is a transfer then there may not be any entry in terms of the monies paid. That is the main consideration. Plus to follow the correct procedure.