Peter and Donal have a joint mortgage on a house.
Peter sells his half share in the house to Donal for €160,000.
In addition, Donal takes over payment of the outstanding mortgage.
The outstanding mortgage (or mortgage redemption figure) is €120,000.
The debt assumed by Donal is €60,000 (€120,000 ÷ 2).
Donal, therefore, pays Peter €220,000 (€160,000 + €60,000) for Peter's half share of the house.
The market value of the house is €500,000.
The equity of redemption is €380,000 (€500,000 - €120,000). However, this is divided by 2 to give a figure of €190,000 as the property was jointly owned with a joint mortgage.
Donal pays Stamp Duty on €220,000 as that is the higher amount.