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2nd home stamp duty
ash82
Posts: 13 Forumite
Hi,
My girlfriend owns a flat outright (no mortgage), its on the market for £65k and is not selling (on for 9 months now). We want to buy a house together. I have two questions:
1) If we buy a house worth £220k together (say 50/50 split), will we have to pay the full £8,500 2nd home stamp duty or would we only pay 2nd home stamp duty on her 'share' as it wont be my second home?
2) Could she transfer half of her flat to me so both our shares are less than £40k and avoid 2nd home stamp duty altogether?
Thanks
Ash
My girlfriend owns a flat outright (no mortgage), its on the market for £65k and is not selling (on for 9 months now). We want to buy a house together. I have two questions:
1) If we buy a house worth £220k together (say 50/50 split), will we have to pay the full £8,500 2nd home stamp duty or would we only pay 2nd home stamp duty on her 'share' as it wont be my second home?
2) Could she transfer half of her flat to me so both our shares are less than £40k and avoid 2nd home stamp duty altogether?
Thanks
Ash
0
Comments
-
1. as you imply both of you would be purchasers then you will have to pay the higher rate on the full cost so yes £8,500
2. seek professional advice! Potentially that would work as each purchaser would have an interest worth less than 40k in their retained property meaning the new jointly owned property would not count as an "additional" one . Read the guide (hint: page 13) then go see someone who knows instead of basing life decisions on the cheap
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/509184/GuidanceNote_Final.pdf0 -
In scenario 1 you would pay the higher stamp duty but get a refund if you then sold her flat within three years I believe.0
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