Transfer of a joint ownership of a flat to a family member

[local21]

Right now I have a flat that is co-owned by me and my parents (each with 33% ownership) of which is still on a mortgage and for complicated reasons I would much rather have my name removed or have my name on the ownership transferred to a sibling. Any way to do this without needing to pay stamp duty since it is a transfer at nil consideration?

[shri]

There is some relief for transfer to close relatives. Not sure how this works, have not studied it in detail.

Suggest you approach the Stamp Duties department and ask:

Telephone No.: 2594 3165 (for stock cases) or 2594 3232 (for property cases)
Fax No.: 2519 6740 (for stock cases) or 2519 9025 (for property cases)
E-mail: [email protected]

[local21]

Thanks all! You’ve been very helpful.