New stamp duty help please!

buglawton

lovinituk wrote: »

Buy the new house in just your name and you will avoid the additional stamp duty. Otherwise, as above, your partner will be buying an additional property so you will have to pay it.

This is the correct answer. And in some ways you'll still be 'equal' as you'll both own one property. This arrangement might also leave your partner free to sell and buy a property in future without BTL supertax.

To get around the fact that the bank may not offer a mortgage to you, preferring a joint mortgage, consider making your partner a guarantor of the new mortgage.

amateur_house

Harryp_24 wrote: »

it wont stop it, they're not here for clarification, there here hoping someone will give a reason for not paying it. They know they have to pay it, they just dont want to.

This is perfectly understandable, most people would prefer not to have to pay a tax if they can avoid it. It's more usually big companies that register businesses in other countries to avoid paying, or the famous people who have been in the news recently.

I am currently looking for a house to buy and am not over the moon at having to pay this charge. I would have have avoided it by buying before the deadline if I'd realised I would have to pay it. But I was too ill-informed to realise it applied to those buying a house to live in and not just btl landlords.

Though I do take the point that it does get repetitive to read the same question on these boards every few days.

AdrianC

amateur_house wrote: »

I would have have avoided it by buying before the deadline if I'd realised I would have to pay it.

You do realise that was over a year ago, right? And that there was only about five months between the 2015 Autumn budget announcement and it actually coming into force at the start of April 2016?

kinger101

If you get married, you will not have to pay the additional tax.

amateur_house

AdrianC wrote: »

You do realise that was over a year ago, right? And that there was only about five months between the 2015 Autumn budget announcement and it actually coming into force at the start of April 2016?

Yes. I got my mortgage offer in principle and started looking for a house In September 2015. Then the 2nd home stamp duty announcement came. The focus in the newspapers was that it would make property more expensive for btl landlords and make the market easier for those who were buying a house to live in. Great I thought, maybe after 1st April 2016 when everyone has rushed to beat the deadline there will be less competition from btl landlords, and I can buy then. By chance I read an article in a newspaper about who would be affected, and too late the penny dropped that I would have to pay it too :(:(

AdrianC

eggha wrote: »

?

I'd have thought someone with your post count would at least have read the info before answering:

3.45 This means that where a purchaser is married or in a civil partnership, if
Conditions A to D are met by either spouse or civil partner, the transaction will be
a higher rates transaction.

He's right, though.

As a married couple, they (plural) have a let property and their current residence. They (plural) are selling their current residence, and buying a different residence. Exempt.