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stamp duty cost ?
RajaStyle
Posts: 359 Forumite
We bought our first property 5 years ago that is completely in my wife's name.
Question is if i bought a second property completely in my name (the first property in my name ever) will I have to pay the extra 3%. When I rang a solicitor he claimed I would have to as we would fall into the category of second home .... which I didn't really understand with it being the first property in our name.
Just want my daughter to use it while at uni, rather than pay someone else rent want to pay ourselves if that makes sense.
Any advice welcome or anybody who is a solicitor and knows ?
Many Thanks in Advance
Question is if i bought a second property completely in my name (the first property in my name ever) will I have to pay the extra 3%. When I rang a solicitor he claimed I would have to as we would fall into the category of second home .... which I didn't really understand with it being the first property in our name.
Just want my daughter to use it while at uni, rather than pay someone else rent want to pay ourselves if that makes sense.
Any advice welcome or anybody who is a solicitor and knows ?
Many Thanks in Advance
0
Comments
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As a married couple you can only have one main residence. So it sounds as though the property purchased 5 years ago it your main residence and therefore any subsequent property purchases would be subject to the additional SDLT.
As an aside are you sure it's more cost effective to buy a property for 3/4 years whilst your daughter studies rather than her renting somewhere?0 -
A married couple is a single unit.
At present the unit owns one property.
After completion of the new purchase, the unit will own two properties.
The surcharge is payable.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Gift your daughter the funds to buy it herself.
Any mortgage can be on joint-borrower, sole-proprietor basis, so she will be the only owner.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks All, I just thought having never owned a property myself in my name I would be entitled to my first without a surcharge. Typical !
For info ... What would happen if a couple were to separate then ? and then the other wanted to buy their own place ?0 -
If you were legally and genuinely separated (starting divorce proceeding etc) then they would no longer be a unit and the person without a home in their name would no longer have to pay the extra stamp duty.
I am sure the thought never crossed your mind, but you couldnt just pretend to buy your daughter a BTL...0 -
Thanks All, I just thought having never owned a property myself in my name I would be entitled to my first without a surcharge. Typical !
For info ... What would happen if a couple were to separate then ? and then the other wanted to buy their own place ?
If only HMRC had written some kind of guidance document......0
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