Buy property from family - avoid 3% duty or loan cash from Parent

Simonj

It ask an honest question I am asking and you were being rude.
My English may not be the greatest but that matters not when I graduated at Computer science and will teach computer science.
No reason to start mocking people. Or does it make you feel superior?

chris_m

Simonj wrote: »

As father has not yet found a property to purchase it will certainly be after April that he moves hence the crux of my question - Will he be liable to pay the extra 3% stamp duty as it is a second home (momentarily) even if he is definately selling on to me when as soon as possible with no intention of letting it or keeping it as a second property.

Yes he will - however, the proposed legislation includes a mechanism for people in such a situation to claim that 3% back when they do sell the first property, provided it's within 18 months.
The detail has yet to be worked out and communicated, though.

Simonj

If I were teaching english maybe. But you had no right to assume I was and then continue to mock me.
As it is I will be teaching a subject were teachers are highly sought after in this country and you should be pleased about that.

xylophone

http://www.ft.com/cms/s/0/2a95bb7c-9ced-11e5-8ce1-f6219b685d74.html#axzz3xbZbddSw

This article may be worth a look.

It ask an honest question I am asking and you were being rude.
My English may not be the greatest but that matters not when I graduated at Computer science and will teach computer science.
No reason to start mocking people. Or does it make you feel superior?

Good English is required of any teacher?

Simonj

Thank you very much Chris. That is exactly what I am looking for and appreciate your response. That would be perfect for us. I will keep an eye out for further clarification under such circumstances.

Simonj

English is required at Grade C GCSE which I possess both Language and literature as well as Maths. I have also passed both required English and Maths tests. You are extremely rude and discredit Martins web-site.
Perhaps you should take some lessons in manners.

HouseBuyer77

Another link: https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties (straight from the horse's mouth as it were)

If you temporarily own two homes and then sell one you can get a refund on the extra stamp duty provided you don't own them both for more than 18 months according to that flow chart.

However beware this is still under consultation, so perhaps they'll change the rules (I would have thought the most likely thing to alter would be the time period you have to claim a refund rather than dumping the mechanism all together).

Though as it's under consultation you can have a say! That page has instructions on how to take part in the consultation. You could write to your MP too.

getmore4less

Thing is your Father does not have to wait to sell you the house he can do it at the same time and just wait for the money that removes the problem completely for your Father and avoids him having to pay costs for running two houses(council tax often due on both).

Simonj

Perfect, thank you so much.

theartfullodger

Simonj wrote: »

It ask an honest question I am asking and you were being rude.
My English may not be the greatest but that matters not when I graduated at Computer science and will teach computer science.
No reason to start mocking people. Or does it make you feel superior?

I definitely feel inferior to you & know I am inferior. Oh yes.

Please let us know where you will be working so we may advise prospective students of your skills and how to access them. Which university granted you the 2.1 please?

Don't be bothered by people mentioning your level of ability with English: English is but a foreign, imported, alien language after all...

Cheers! / Slàinte mhath!