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Do I pay 3% stamp duty please?
nodosh3
Posts: 22 Forumite
in Cutting tax
Hi, I am separating from my husband who wants to remain in the marital home. Meanwhile I have found somewhere else to live and want to buy it. If he pays me to buy my share and I buy another property do I have to pay extra stamp duty as effectively I am still a homeowner as my name is on the current marital home. Can I avoid paying this by deferring my purchase (not too long I hope) until I transfer our joint property to him or will I still have to pay the additional duty. My understanding is that if I transfer it all to him using form TR1 and he pays me, I can buy my own place and only pay one lot of stamp duty and not the additional for second ownership. I am not trying to avoid paying what is due, but it will not be a second home, as I am hoping the transfer can be completed before I actually buy myself another property in my name only. I want to do this as quickly as possible as I need to move out, but if the transfer takes a long time (how long does it take?) will I have to pay stamp duty as it is technically a second home? Any advice appreciated. Also, is it easy enough to do the transfer myself on the TR1? Thank you
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