Second Home Stamp Duty?

elliewhite123

Hello,

I’m hoping someone can provide some clarity.

My grandmother transferred the deeds to her property to me in 2017, the house is mortgage free. I have not lived in the property with her for over 10 years, she still resides in the property and will continue to do so.

I am currently in the process of going for my first mortgage, I currently rent. My question is, will I have to pay second home stamp duty given these circumstances?

Many Thanks

Ellie

TN1984

Afraid so (assuming you are purchasing a property for more than £40,000). https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

Gwendo40

Yes you're a home owner.

And there could be issues re deprivation of assets if granny requires care in the future.

Looks like you've neither had your cake nor ate it unfortunately.

Alter_ego

No need for a poll, it's not a matter of opinion.

[Deleted User]

I think we need a sticky on this. Higher rate of SDLT threads are popping up multiple times a day. Like this one from earlier today with near identical circumstances.

https://forums.moneysavingexpert.com/discussion/comment/76808719#Comment_76808719

Sensory

Lover_of_Lycra wrote: »

I think we need a sticky on this. Higher rate of SDLT threads are popping up multiple times a day. Like this one from earlier today with near identical circumstances.

https://forums.moneysavingexpert.com/discussion/comment/76808719#Comment_76808719

My thread wasn't querying whether I would need to pay the higher rate of SDLT on an additional property. I'm having to resort to seeking professional advice on the implications of removing my name from a title deed because it's unfortunately not a simple matter.

[Deleted User]

Sensory wrote: »

My thread wasn't querying whether I would need to pay the higher rate of SDLT on an additional property. I'm having to resort to seeking professional advice on the implications of removing my name from a title deed because it's unfortunately not a simple matter.

You want to to avoid the higher rate of SDLT by removing your name from a property jointly owned with family and the thread I linked to in your thread had someone trying to do the same. The advice to you and the OP is the same.

Sensory

Lover_of_Lycra wrote: »

You want to to avoid the higher rate of SDLT by removing your name from a property jointly owned with family and the thread I linked to in your thread had someone trying to do the same. The advice to you and the OP is the same.

Should this thread develop further into equity transfer, I've chosen the below route:
https://www.thelawsuperstore.co.uk/personal/property/equity-matters/equity-transfer

It sounds like the OP here now solely owns the property, so removal from the title deed may not be a viable option.

[Deleted User]

Sensory wrote: »

Should this thread develop further into equity transfer, I've chosen the below route:
https://www.thelawsuperstore.co.uk/personal/property/equity-matters/equity-transfer

It sounds like the OP here now solely owns the property, so removal from the title deed may not be a viable option.

Is that after taking professional advice or are you attempting to DIY this like your mother did in the first place and the OP's grandmother who probably thought she was being terribly clever at the time. It's that old adage, 'if you think hiring a professional is expensive, wait until you hire and amateur."

Sensory

Lover_of_Lycra wrote: »

Is that after taking professional advice or are you attempting to DIY this like your mother did in the first place and the OP's grandmother who probably thought she was being terribly clever at the time. It's that old adage, 'if you think hiring a professional is expensive, wait until you hire and amateur."

Well I should hope me getting quotes for conveyancing solicitors qualifies as me seeking professional advice (I'm not defaulting to my mother's overpriced choice of solicitor), and then I will most definitely take said advice.

lees80

elliewhite123 wrote: »

Hello,

I’m hoping someone can provide some clarity.

My grandmother transferred the deeds to her property to me in 2017, the house is mortgage free. I have not lived in the property with her for over 10 years, she still resides in the property and will continue to do so.

I am currently in the process of going for my first mortgage, I currently rent. My question is, will I have to pay second home stamp duty given these circumstances?

Many Thanks

Ellie

Until she ever needs to be cared for, professionally. At which point, things will become extremely difficult. How difficult will depend on a number of things not least including her age at the time of signing it over, and if she is in good enough health.