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Need some advice on transfer duty I think (buying into a property owned by a family m

"ive been offered a share in a house, with family members already owning the house'. Do i need to pay transfer duty when my name gets added on to the title deed?

Basically?
If you dont know where you are going... Any road will take you there :rotfl:

Replies

  • I guess you may need more specifics to help me sorry! The property is in Scotland and is being rented out. My sister and I will be buying in 1/4 each paying a monthly sum not a lump sum. We will then be named on the deeds. The property is worth 220 and is going to be remortgaged at 70% LTV.

    I have tried reading the hmrc sight but it just baffles me. I will be calling them later but appreciate any help please
    If you dont know where you are going... Any road will take you there :rotfl:
  • They already own the property and have done for a few years (more than five) and paid the duty when they bought it
    If you dont know where you are going... Any road will take you there :rotfl:
  • 76 views and no one can help me?
    If you dont know where you are going... Any road will take you there :rotfl:
  • kidmugsykidmugsy Forumite
    12.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Forumite
    Alphamare wrote: »
    76 views and no one can help me?

    Oh well: is your concern Stamp Duty? (SDLT.)

    My understanding is that the taxman would add up all the payments you are going to make (presumably adding up to £55k) and charge on that. Since it adds up to less than £125k his charge would be zero. Even if he viewed your and your sister's transactions as being linked, they still add up to less that £125k, so again, no SDLT to pay. It is also my understanding that you have to report the transactions to him so that he can indeed decide not to charge you.

    Whether my understanding is right or wrong, you surely should get in touch with whichever service it is that runs SDLT in Scotland.
    Free the dunston one next time too.
  • ognumognum Forumite
    4.8K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Alphamare wrote: »
    76 views and no one can help me?

    I think your lack of replies is due to the difference in Scottish law and the desire not to give you wrong information!
  • I think the complications may arise when you try to mortgage the property.
    Be Alert..........Britain needs lerts.
  • Thanks for the replies

    It is stamp duty I was asking about.

    Why will the mortgage be an issue/complication? Could you elaborate please
    If you dont know where you are going... Any road will take you there :rotfl:
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