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    • giddy11
    • By giddy11 29th Nov 17, 8:40 AM
    • 4Posts
    • 1Thanks
    giddy11
    Stamp duty and new houses
    • #1
    • 29th Nov 17, 8:40 AM
    Stamp duty and new houses 29th Nov 17 at 8:40 AM
    Hi,
    Just wondering if anyone could help make things a little clearer in my situation.

    Trying to keep it as simple as possible.
    My wife passed away 18months ago. Our house/mortgage was in her name.
    The house was transferred to myself and I paid off a good chunk of the value of the house and got a small mortgage.

    Original house sale was £116k
    Mortgage now in my name for £25k.

    Now I have met someone else and she has a property herself that was purchased for £125k.

    So moving forward we are thinking about possibly buying another house for ourselves and looking at renting out our 2 houses. This ‘new’ house would be £250k max.

    So to try to summarise what kind of stamp duty tax would we be hit with? Would my house that I technically inherited be liable for SD tax?
Page 1
    • ArchtiectBOX
    • By ArchtiectBOX 29th Nov 17, 8:54 AM
    • 4 Posts
    • 2 Thanks
    ArchtiectBOX
    • #2
    • 29th Nov 17, 8:54 AM
    • #2
    • 29th Nov 17, 8:54 AM
    you'd pay 3% on the first 125k and 5% on the rest or £10,000 on a £250k house.
    Last edited by ArchtiectBOX; 29-11-2017 at 9:00 AM.
    • bowlhead99
    • By bowlhead99 29th Nov 17, 8:57 AM
    • 7,000 Posts
    • 12,612 Thanks
    bowlhead99
    • #3
    • 29th Nov 17, 8:57 AM
    • #3
    • 29th Nov 17, 8:57 AM
    what kind of stamp duty tax would we be hit with? Would my house that I technically inherited be liable for SD tax?
    Originally posted by giddy11
    You don't pay any stamp duty on the house you inherited because you didn't pay anything to buy it - there was no sale and purchase.

    However, looking forward, there would be

    - normal stamp duty to pay on what is being bought for you both to live in ; this is not a 'first time buyer' place because (as this is not a 'first house' for at least one of the buyers)

    - extra stamp duty to pay on what is being bought for you both to live in ; because a second property home is being bought on top of the property already owned and it's not replacing your main residences, it's in addition to them.
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