Buying out share of property. Do I pay stamp duty?

Michela

Hi,

As part of probate I am buying out a share of a property I have been left so I own it outright.

One solicitor says I have to pay stamp duty and another says I don't

There is no mortgage on the property and I am paying 200k cash for the share.

Who is right?

Thanks

davidmcn

Not enough information to tell.

Which country in the property in?

Do you own any other property? If not, have you ever owned any other property, and do you intend to live in this one?

Michela

davidmcn wrote: »

Not enough information to tell.

Which country in the property in?

Do you own any other property? If not, have you ever owned any other property, and do you intend to live in this one?

Its in London, no I dont own another and yes I will live in it.

Thanks

davidmcn

Sounds like £1500 SDLT to me. Not sure what the solicitors' logic is but I'm guessing one of them thinks you qualify for first-time buyer's relief, which you don't because you already own the other half.

Michela

davidmcn wrote: »

Sounds like £1500 SDLT to me. Not sure what the solicitors' logic is but I'm guessing one of them thinks you qualify for first-time buyer's relief, which you don't because you already own the other half.

Thanks. I'm a little concerned that the solicitor does not know

Tom99

davidmcn wrote: »

Sounds like £1500 SDLT to me. Not sure what the solicitors' logic is but I'm guessing one of them thinks you qualify for first-time buyer's relief, which you don't because you already own the other half.

What if the property is still owned by the estate? The OP is a FTB until they own a property so on the day of completion there will only be one transfer to them of the whole property with the price fixed at £200,000 because the other £200,000 is inheritance.