Readers’ forum: Family fortunes

My client owns a residential buy-to-let property with his son. The property value is £750 000 and there is a mortgage on it for £300 000 in the names of my client and his son. My client’s son together with his new wife will occupy the property as their only or main private residence after the existing tenancy finishes later on this year.

The plan is that the son and his wife will then obtain a mortgage from another lender in their own names for £300 000 and the original mortgage in the name of the client and his son will be paid off. I have the following questions.

First will stamp duty under the Stamp Act 1891 s 57 be chargeable on the transaction and at what rate?

Second can the statutory exemption under FA 2003 Pt 4 apply if the sale...