Joint mortgage/one name on deeds/second home stamp duty - HELP!!

Pixie5740

amnblog wrote: »

Just for the avoidance of doubt. Kingstreet and I are correct here.

We do this every day.

That's it.

Surely that depends on what the OP and the OH want to achieve. If the end goal is avoiding the additional SDLT even if that means the OH being legally responsible for tens if not hundreds of thousands of pounds worth of debt yet having no claim whatsoever to the home they share then yes joint borrower sole legal owner is the way forward. If on the other hand the OH isn't willing to risk so much in order to save a few thousand then joint borrower sold legal owner isn't the way forward.

amnblog

The message is it can be done.

I do not know the poster and have not discussed anything with them. I cannot therefore say if it should be done.

TrickyDicky101

Pixie5740 wrote: »

Read Condition C in the guidance note I linked to in post 8.

The property the OP has a share in isn't the problem it's if the OP's OH keeps hold of the property they're currently living in. In that case the SDLT surcharge will be due unless the OP's OH agrees to be neither a legal or beneficial owner of the new property whilst having joint and several liability for the mortgage. I assume that a joint mortgage is required to meet affordability.

Hi Pixie
I still think it depends on what the OP means by a third share (in a property worth £80k) - the guidance doesnt specifically assert this is beneficial ownership so if the OP owns the property jointly with other individuals then OP owns the whole of the property (ie £80k) which is over the £40k threshold.

I don't think - with the current information given - that a definitive conclusion can be made.