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Second home or not question
Comments
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Boo hoo. Yes it is so unfair that someone who already owns 2 properties will have to pay the higher rate of SDLT for the purchase of residential properties when purchasing a 3rd, aka an additional, residential property.
He could easily avoid it by selling the other properties.
Not boo hoo at all. Just boo hoo at the extra duty being payable on the whole property when only a third of it will belong to my partner. Yes tax is unavoidable but it should also be fair0 -
There will be no mortgage on the new property and therefore no deposit.The home you share is his main residence. But, upon buying the new property, he'll simply be moving out of his current home, not selling it as he doesn't own it. In order to get the exemption on second home stamp duty, he'd need to replace his main residence ie own and then sell.
You could, if you can pass affordability for the whole mortgage. Also, is partner contributing any money to the deposit? Most lenders require a 3rd party gifting a deposit to state they have no claim on the property or gifted sum, and not live in the property.0 -
looroll199 wrote: »Not boo hoo at all. Just boo hoo at the extra duty being payable on the whole property when only a third of it will belong to my partner. Yes tax is unavoidable but it should also be fair
it is fair and the higher rate of SDLT is completely avoidable. The rules are clear and are readily available online and one the million and one other threads from people asking the exact same thing.0 -
Hi,
If you marry your partner before you buy you will be treated as one unit and then you would both be selling and replacing your main residence and the extra stamp duty would not apply.
Tlc0 -
Nearly. The marriage / civil partnership would have to be before the sale. I do not like the shorthand of "treated as one unit", but that more or less works as an explanation in this case.Hi,
If you marry your partner before you buy you will be treated as one unit and then you would both be selling and replacing your main residence and the extra stamp duty would not apply.
Tlc0
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