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Stamp Duty On Buy To Let
Jess0189
Posts: 2 Newbie
I’m in the process of remortgaging a property and changing from a personal mortgage to a buy to let. Also in this process, I’m looking to add my partner onto the mortgage.
Will there be stamp duty owed on my partners half of the property if we do this?
Will there be stamp duty owed on my partners half of the property if we do this?
0
Comments
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If your partner is only "on the mortgage" and not an owner, ie only liable to pay the debt but has no interest in the property, then no transfer of the property will take place. Your second paragraph indicates you are transferring your partner half of the property - which is something that is a property transfer which will potentially attract SDLT.0
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are you married to your "partner"?
does one of you already own another property elsewhere given you are converting to BTL so obviously not living in this one yourself any
more?
the poster above is referring to beneficial ownership. I somehow doubt your intention is that your partner will have zero beneficial ownership. Presumably you intend to split the rent anyway? On that basis SDLT will apply to half of the value of the o/s mortgage at point of transfer.
if one of you already owns another property then the higher rate SDLT will apply if you intend to purchase another house to live in then that will also be at the higher rate0 -
No we’re not married. We own another house together but I’m yet to change the other mortgage over to a buy to let.
The rental income will come into my bank account.0 -
so the higher rate will apply to the value of half the o/s mortgage (or whatever actual % he is exposed to) since he already owns a property and is now acquiring (a share in) an additional property.No we’re not married. We own another house together but I’m yet to change the other mortgage over to a buy to let.
that will be income tax fraud then.The rental income will come into my bank account.
lets start again:
what are you trying to achieve?
why does he "have" to go on the BTL mortgage?
what are you trying to give him (other than liability for a mortgage he didn't have before)
what does he think he gets in return for said mortgage liability?
do you realise that whose bank the rent ends up in is not what your tax liability is based on?
go get professional advice before you make more mistakes and HMRC bite you0
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