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clearing legal charge/ duty question


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A question cropped up in discussion yesterday regarding duty payable on legal charge debt purchases. Just wondered if anyone had some answers??

 

 

1stly) If someone (or a company) buys a debt that has a legal charge over a property do they pay stamp duty?

In my mind, if you buy a debt you are not transacting on the property so I would think no duty is payable?? Yes/No??

 

2ndly) If the property is subsequently sold - excluding the debt - for a price which equals the difference between the debt level and the market sale value - on what price is duty paid?

For example: the property is potentially worth say £3.5m / the 'debt' is say £2m / the title deeds are sold to someone else for £1.5m. If the debt is retained separately (by the debt purchaser) is duty paid just on the property transaction of £1.5m?

 

3rdly) what happens when the new property owner later agrees to clear the 'debt' - which is no longer charged against the property, rather just a debt? As it is just a 'debt' and not attached to the property would the new owner pay duty?

 

Anyone have any answers to these questions?

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Once sold the CO is either paid or not (if restriction k)

It doesn't stay on the property

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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