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Stamp duty on 2nd property
ck7ah
Posts: 58 Forumite
Hi
I am currently purchasing a 2nd property however the Stamp duty is fairly high. I don't have any plans to sell my current property at present so was wondering if there is a way of getting around the high stamp duty?
If I was to take my name of the title deeds on my current property, would that work?
I am currently purchasing a 2nd property however the Stamp duty is fairly high. I don't have any plans to sell my current property at present so was wondering if there is a way of getting around the high stamp duty?
If I was to take my name of the title deeds on my current property, would that work?
0
Comments
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If you own a property and buy a 2nd one (without selling), you have to pay the additioanl SDLT.
If you don't own a property, and buy a 1st one, you pay the standard rate.0 -
Taking your name off the title of the current property does not help if you remain the beneficial owner of the property. The SDLT rules "look through" to the underlying ownership.Hi
I am currently purchasing a 2nd property however the Stamp duty is fairly high. I don't have any plans to sell my current property at present so was wondering if there is a way of getting around the high stamp duty?
If I was to take my name of the title deeds on my current property, would that work?
There is not another property you have lived in and sold within the last three years? That might mean that the extra 3% is not due. You will find the rules explained in HMRC's Manual at SDLTM09800.0 -
Agree that I need to pay the higher rate but if I remove my name from the title deeds from my first property, then will I still be subject to the higher rate?0
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What do you mean by"remove your name" ?Agree that I need to pay the higher rate but if I remove my name from the title deeds from my first property, then will I still be subject to the higher rate?
Would you be intending to leave it blank?
Are you giving it away ? Put your partners name on it?0 -
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AnotherJoe wrote: »What do you mean by"remove your name" ?
Would you be intending to leave it blank?
Are you giving it away ? Put your partners name on it?
My current property has my and my mum's name on the title deed so removing my name will make her sole owner0 -
AnotherJoe wrote: »What do you mean by"remove your name" ?
Would you be intending to leave it blank?
Are you giving it away ? Put your partners name on it?do you have any mortgage on the property?
No mortgage on the property0 -
Would your mum remain living in the property?My current property has my and my mum's name on the title deed so removing my name will make her sole owner
Would the gift of half the house to your mum be a genuine gift with no expected payback at a later date?
Maybe if you sold your half to your mum then granted her a mortgage for the sale price, no interest and repayable only when the house is sold. That might work but depending on the sale price to your mum she may have stamp duty on the price she is paying you.0 -
Do you.iive in this current property you are contemplating giving to your mother ?
Will you be living in the new property you are planning to buy ?0
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