Is stamp duty incurred? Remortgaging & releasing equity to ex

[O5h]

My ex partner and I (not married) split last year and I’m in the process of remortgaging & additional borrowing to enable me to pay my ex partner her share of the equity. I am unsure whether I will have to pay Stamp Duty and really hoping this isn’t the case as it’s another expense to try and keep our family home as we have a son under 2yrs.

Ex partner and I share a home and currently in the 5th year of our 5 year mortgage). We bought the house for £300,000 and it is now valued at £360,000. The deposit is my own and secured with a trust deed (value of £46,100). After taking my deposit back, the remaining equity is to be split 50:50 (so approximately £43,000 to each of us).

• Remaining mortgage value is £228,000.
• My total share (deposit and equity) would be approx. £89k
• Shall need to borrow approx £271k to secure remortgage based on latest valuation.

Will I incur stamp duty on the full value of the remaining mortgage (£228k) and the equity being released to my ex (£43k)?

Thanks in advance for your help!!

I did the same and there was no stamp duty due, but the team at your mortgage provider handling the name change/remortgage/additional borrowing should be able to confirm this i would think?

No it won't be due as you're just taking her off. However remember she has now lost her first time buyer low stamp duty so I hope you make this fair for her when she buys again - I'd expect her to have a little more equity knowing that she'll have to pay stamp duty again soon as a higher rate but you won't as you're staying in the existing home (that she presumably paid half of stamp duty for)