Mortgage for business to turn to home.

lukerichardson40

Wh05apk wrote: »

By doing that way you will have to pay stamp duty twice, could you perhaps buy in your name, but your father places a charge over it equivilant to the amount he has lent you, you could then remortgage later (most lenders will insist you wait 6 months from ownership) and pay him back, only incurring one lot of stamp duty and legal fees etc.

I will let him know this, it isnt something we have considered. As a first time buyer do I have to pay stamp duty anyway, I thought you dont have to on a first home up to £250,000? Paying the legal fees only once would be nice though!

xylophone

http://www.hmrc.gov.uk/sdlt/intro/rates-thresholds.htm
Presumably your father isn't a first time purchaser and in any event, if the property is currently non-residential then presumably the non-residential rate would apply?
Might it not be as well if your father lent you the whole of the purchase price and money to refurbish? He could be your mortgagee rather than a bank/building society?

Wh05apk

lukerichardson40 wrote: »

I will let him know this, it isnt something we have considered. As a first time buyer do I have to pay stamp duty anyway, I thought you dont have to on a first home up to £250,000? Paying the legal fees only once would be nice though!

You will only escape stamp duty if you can get it transferred to you before the deadline of 24th March.