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Stamp Duty - that old chestnut
SueC_2
Posts: 1,674 Forumite
My partner is in the process of selling his house and buying a new one that will be big enough for us both to live in. Initially the purchase of the new house will be solely in his name.
In the fullness of time I would like to rent my house out (I already have another rental property), and move into his - buying into it financially as well as just practically.
What if any stamp duty will I be liable for? And are any of the timeframes relevant in any way?
Many thanks for any advice.
In the fullness of time I would like to rent my house out (I already have another rental property), and move into his - buying into it financially as well as just practically.
What if any stamp duty will I be liable for? And are any of the timeframes relevant in any way?
Many thanks for any advice.
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Comments
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You will be retaining your main residence and letting it, so you will have a potential SDLT liability (inc 3% second property surcharge) when you undertake the transfer of equity to become joint owner with him.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »You will be retaining your main residence and letting it, so you will have a potential SDLT liability (inc 3% second property surcharge) when you undertake the transfer of equity to become joint owner with him.
Thank you, even though sad news!
Will it be due on the full value of the house, or just on the 25% stake that I intend to buy?0 -
Actually, another question..... are timeframes important at all? If I lived in his house for a period of time (what period?), with my property rented out, would that make any difference?0
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Well currently I don't see the benefit of you going onto your partners house. The only reason would be for financial reasons, which wouldn't matter if you were married.
I own my property and my wife-to-be won't be going on it, as there is no benefit for either one of us once we are married.0 -
Well currently I don't see the benefit of you going onto your partners house. The only reason would be for financial reasons, which wouldn't matter if you were married.
I own my property and my wife-to-be won't be going on it, as there is no benefit for either one of us once we are married.
Only security in the case of his death really. He has grown up children from a previous marriage, so if we are unmarried, and I own no part of the house, then it would go to them by default, and I would be homeless.
I guess that could all be addressed in his will, but frankly, if I have contributed nothing financially, why should I get it on his death? It would be only right for his kids to inherit what he has paid for.0 -
Only security in the case of his death really. He has grown up children from a previous marriage, so if we are unmarried, and I own no part of the house, then it would go to them by default, and I would be homeless.
I guess that could all be addressed in his will, but frankly, if I have contributed nothing financially, why should I get it on his death? It would be only right for his kids to inherit what he has paid for.
He really needs to make a will if you are buying into the house anyway. It would be folly not to. You need to be allowed to stay there if you own part of it until you are ready to move on. Ditto, you probably want him to inherit your property if you die first.
I'd go and speak to a solicitor together and discuss what you leave to each other. The solicitor raises many more questions that need answering than you think and they will guide you through.Everything that is supposed to be in heaven is already here on earth.
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I agree, and that will happen, but in the first instance I need to work out whether it's worth buying in to the house or not. If I would have to pay stamp duty plus 3% on the full value of the house, then it's not doable anyway, so the whole picture changes.0
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I agree, and that will happen, but in the first instance I need to work out whether it's worth buying in to the house or not. If I would have to pay stamp duty plus 3% on the full value of the house, then it's not doable anyway, so the whole picture changes.
SDLT is payable on the portion that you purchase.
You're not getting it though. If you marry and you work out what your collective "pot" is rather than your individual "pots" in the case of death then you avoid it altogether. The will is needed anyway.
This is MSE, after all.Everything that is supposed to be in heaven is already here on earth.
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