Stamp dury question

poohbear5

Hi,

I own a 50% share of a flat that I inherited a few years ago. Presently, there is a relative living in the property and I don't make any money from it at all.

I would now like to buy a house for the first time but I may be in the higher stamp duty tax bracket. As a further complication I only live with my partner during the week and live in London in another rented property Monday-Friday for work reasons. If my partners name was on the deed but we were both on the morgage and I was registered at my rented accomodation would we still be eligible to pay the tax? Alternatively, as I make no money from the flat I inherited I'm thinking of giving away my share as I want a house of my own.

AnotherJoe

poohbear5 wrote: »

Hi,

I own a 50% share of a flat that I inherited a few years ago. Presently, there is a relative living in the property and I don't make any money from it at all.

I would now like to buy a house for the first time but I may be in the higher stamp duty tax bracket. As a further complication I only live with my partner during the week and live in London in another rented property Monday-Friday for work reasons. If my partners name was on the deed but we were both on the mortgage and I was registered at my rented accomodation would we still be eligible to pay the tax?

Very unlikely thats going to happen. You'd be a party to a mortgage but have no claim on the property, you'd be fully liable to pay the mortgage on a house you dont own ! I could be wrong but i cant see many lenders going for this sort of arrangement.

Its also highly likely to come foul of the law in that it blatantly looks like an attempt to evade the SDLT so they would almost certainly catch up with you and retrospectively charge you.