Stamp Duty question

Jeems

My partner lives with me, we are not married and the property is 100% in my name. She has never owned a property in her name before.

She is looking to purchase a btl property outright in cash - its not a massive amount and under the £125,000 threshold for first time buyers. But as she is not planning on living there, would she need to pay the 3% stamp duty?

Hopefully I haven't got the figures wrong, I got my info from http://www.which.co.uk/money/mortgages-and-property/guides/stamp-duty-explained/stamp-duty-rates/

Thanks!

HappyMJ

Jeems wrote: »

My partner lives with me, we are not married and the property is 100% in my name. She has never owned a property in her name before.

She is looking to purchase a btl property outright in cash - its not a massive amount and under the £125,000 threshold for first time buyers. But as she is not planning on living there, would she need to pay the 3% stamp duty?

Hopefully I haven't got the figures wrong, I got my info from http://www.which.co.uk/money/mortgages-and-property/guides/stamp-duty-explained/stamp-duty-rates/

Thanks!

No she would not pay the additional SDLT as you are not married to her.

She is not a traditional first time buyer....she's a property investor. I wouldn't recommend buying a BTL property as her first property as she will get much better deals buying a property to live in with a mortgage and investing the money she has elsewhere.

Buying into property is buying a job. There is a work to do to get a good return. The work can be outsourced but that eats into the profit. You would have got a better return just putting the money in the bank.

booksurr

on the info you state no she would not have to pay the higher rate as she would end the day having gone from 0 to 1 property so on that basis she would pay normal rates. The 125,000 threshold has nothing to do with being a first time buyer, it is simply a nil rate band available to any one