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stamp duty confusion (40k and more than 21 years lease)

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Comments

  • Guineac4
    Guineac4 Posts: 2 Newbie
    Hi @da_rule and/or anybody else who can help. Sorry to jump onto this post however my circumstances are near identical.

    My partner and I are looking to purchase a house. I am a FTB but he owns the flat we currently live in and plans to rent it out when we purchase a house which will be our main residence. He bought the flat as a new build from the developer on a 250 year lease.

    My query is with Condition C and whether that applies to us or not? The flat is worth £140k but I am wondering about the leasehold part of the condition.

    I have bought the title plan from Land Registry, but unsure how to find out whether we would still meet condition C or not.

    Any advice would be hugely appreciated.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Guineac4 wrote: »
    My partner and I are looking to purchase a house. I am a FTB but he owns the flat we currently live in and plans to rent it out when we purchase a house which will be our main residence.
    You're buying the house together?

    Then, yes, +3% SDLT.
    You (plural, as future joint owners) currently own one property.
    You (again, plural) will own two.
  • Guineac4
    Guineac4 Posts: 2 Newbie
    da_rule wrote: »
    Yes it does.
    AdrianC wrote: »
    You're buying the house together?

    Then, yes, +3% SDLT.
    You (plural, as future joint owners) currently own one property.
    You (again, plural) will own two.

    I understand this, what I'm wondering is whether Condition C applies or not to the flat that he currently owns as it is a leasehold?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Read da_rule's replies at the start of the thread.
This discussion has been closed.
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