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2nd Property - Stamp Duty
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dcrep
Posts: 24 Forumite
Hi Everyone!
Background to my situation: A (long) while ago, my relative purchased a property with her (then) partner. They split up and the property is now held jointly in our names. The flat is in London.
That was 20 years ago and I'm now starting a family of my own.
Not married, but now have a beautiful baby.
Other half has a flat which we'd prefer to keep.
So, I'd now like to own a house - space for items and more kids
In London that means £500K+.
Could anyone advise on the best way to proceed. Or point me in the right direction? Reducing stamp duty/bills etc...
At the moment I'm considering removing myself from the mortgage/deeds of the flat (if I can). Otherwise, I'm guessing I'd have a stonking ~£35K stamp duty bill! Impressive for helping a family member!
David
Background to my situation: A (long) while ago, my relative purchased a property with her (then) partner. They split up and the property is now held jointly in our names. The flat is in London.
That was 20 years ago and I'm now starting a family of my own.
Not married, but now have a beautiful baby.
Other half has a flat which we'd prefer to keep.
So, I'd now like to own a house - space for items and more kids
In London that means £500K+.Could anyone advise on the best way to proceed. Or point me in the right direction? Reducing stamp duty/bills etc...
At the moment I'm considering removing myself from the mortgage/deeds of the flat (if I can). Otherwise, I'm guessing I'd have a stonking ~£35K stamp duty bill! Impressive for helping a family member!
David
0
Comments
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If either of you is a property owner at the time of the purchase you will be liable for a second propeerty stamps duty.
If you were to sell any additional properties that you have within 3 years from thius purchase you should be able to clain back the difference between the normal and the second property stam duty.0
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