Transfer of Equity - Stamp Duty

[Alizeee]

Hello, in need of some help. Currently transferring my 50% share title deed and mortgage in a residential property to a sibling (no funds being exchanged at all) We've just been told we need to pay stamp duty because he already owns a property. Does that sound correct ? Tia

Yes unfortunately your sibling will be charged stamp duty on any transactions that result in multiple property ownership.

That's disappointing, thank you for responding!!