Higher rate stamp duty

Super_Star

Hi,

I am new to this site.

A question hope you can answer.

I have a property which I let out. I am living with parents.

I am purchasing another BTL property, As this is additional property higher rate of stamp duty will apply,

My brother is interested in purchasing the property from me, If that is sold before completion of new property will I still have to pay higher rate stamp duity?

Thanks

Keep_pedalling

You won't have to pay it if your brother buys your existing property, but you may have a capital gains issue instead.

booksurr

it is very simple. On the day of completion of the purchase, will you, or will you not, own 2 (or more) properties, even if only for a few hours/minutes:
Yes = higher rate
No = standard rate

Super_Star

Thanks for replying back.

My brothers property is worth 250k and he has only 5k left over. His mortgage lender has agreed 150k additional borrowing on his existing property.

My property will be transferred over to my brother son. My brother will be writing a letter stating he is gifting the funds to his son. I guess that wouldn't be a problem?

Conveyncing should be straight forward as no searches etc will be carried out so it will be just transfer of property and legal fees.

Is there a way we can transfer the property ourself to avoid solicitors fees? I will be using 150k toward purchase of new property but I need to show funding evidence - if no solicitor is involved how I can provide evidence?

Thanks

Keep_pedalling

Sounds a great plan for a monumental disaster. Get some professional advice.