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Stamp duty

Goldigga
Goldigga Posts: 2 Newbie
in House buying, renting & selling
Hi

My boyfriend (so obviously we are not married) is living with me in my home, which is owned outright (No mortgage).

He still has his flat (with mortgage) which we are going to put as a buy to let next year.

At some point in the future we would hope to buy our own house together, with a budget of approx £375k. We would be using about £100k from the sale of my property towards this, and then our combined salaries for a mortgage.

We are so confused about stamp duty. Does anyone know what the likely charges are to be incurred with our situation so we can plan ahead?

Thanks

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Goldigga wrote: »
    Hi

    My boyfriend (so obviously we are not married) is living with me in my home, which is owned outright (No mortgage).

    He still has his flat (with mortgage) which we are going to put as a buy to let next year.

    At some point in the future we would hope to buy our own house together, with a budget of approx £375k. We would be using about £100k from the sale of my property towards this, and then our combined salaries for a mortgage.

    We are so confused about stamp duty. Does anyone know what the likely charges are to be incurred with our situation so we can plan ahead?

    Thanks

    Go wild and read the SDLT manual, linked to in just about every thread about SDLT including this one now, but it sounds very likely that the higher rate will apply.
  • p00hsticks
    p00hsticks Posts: 14,623 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Pixie5740 wrote: »
    it sounds very likely that the higher rate will apply.
    It depends on what HMRC consider to be his main residence - who's living in his property at the moment ?
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    p00hsticks wrote: »
    It depends on what HMRC consider to be his main residence - who's living in his property at the moment ?

    I just said that it sounds likely not that it definitely would apply and encouraged the OP to read the rules for themselves.
  • SDLT_Geek
    SDLT_Geek Posts: 2,984 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    p00hsticks wrote: »
    It depends on what HMRC consider to be his main residence - who's living in his property at the moment ?
    His main residence is where he lives! So with OP if that is with a sufficient degree of permanence and expectation of continuity.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    OP said
    He still has his flat (with mortgage) which we are going to put as a buy to let next year.

    At some point in the future we would hope to buy our own house together,
    which strongly suggests to me that by the time they purchase their joint home, boyfriend's house will be let to tenants (so his main residence will unequivocally be at OP's house).
This discussion has been closed.
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