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Inherit/stamp duty
Hanko2983
Posts: 12 Forumite
Hello,
My wife’s mother past away earlier this year. We stand to inherit a residential property she owned which we actually rented from her and still currently live in.
My question is do we still pay stamp duty if we inherit, sell the property then buy as first time buyers? The property value is £160k
My wife’s mother past away earlier this year. We stand to inherit a residential property she owned which we actually rented from her and still currently live in.
My question is do we still pay stamp duty if we inherit, sell the property then buy as first time buyers? The property value is £160k
0
Comments
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If you own your home (or, indeed, any house) then sell it, you are obviously no longer FTBs when you come to buy a future property.
But why do you need to inherit the house? The executor can sell it whilst it's still within the estate, then you inherit the value of the house instead.0 -
How is this scenario different to your other 2 threads about FTB SDLT relief? What is it about the definition of FTB that is confusing you?
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/759714/Stamp_Duty_Land_Tax_relief_for_first_time_buyers_-_guidance_note.pdf0 -
It's that fact we live in the property that makes me ask the question.0
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I just sold my late father's house and qualify as a FTB because the property was never transferred into my name.0
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Surely you mean that your late father's estate sold his house.0
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Finchy may well have sold it - in his capacity as his father's executor, rather than as the owner, which he clearly never was.0
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