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Advice on stamp duty - is this a second home or not?
RunningMum08
Posts: 1 Newbie
Hi there, my parents are selling their house and using the equity as a deposit towards a new house. We will be taking a mortgage to cover the remaining amount. It will be parents only home. As we are taking a second mortgage, will we have to pay the higher rate of stamp duty even though it isn’t really a second home? Thank you.
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Comments
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how much mortgage are you investing in the property?
What is the total value of the property?
You're named rather than gifting money?in S 38 T 2 F 50
out S 36 T 9 F 24 FF 4
2017-32 2018 -33 2019 -21 2020 -5 2021 -4 20220 -
I assume as you are getting a mortgage on this new property, you will also be named on the Title as joint owner? Correct? Or sole owner (if parents are not on the mortgage)? Or what?
If the property is in your name, and you already own a property elsewhere in which you live, then this is your 2nd property and you have to pay the extra SDLT.0
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