Stamp Duty

Freyagirl

Advice on the following scenario would be appreciated please:  I am buying a property solely in my name which I will live in with my partner.  When he has sold his primary residence he will purchase 50% of the property from me so it will be jointly owned.  My question is will he be liable to Stamp Duty when he purchases from me?
Thanks

csgohan4

Freyagirl said:

Advice on the following scenario would be appreciated please:  I am buying a property solely in my name which I will live in with my partner.  When he has sold his primary residence he will purchase 50% of the property from me so it will be jointly owned.  My question is will he be liable to Stamp Duty when he purchases from me?
Thanks

Depends on the house price noted
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

coachman12

My personal view----and it is speculation so remember that------is that this Budget is likely to have a go at helping housebuyers, including helping with the threshold for stamp duty and by revamping the system in broader terms as well. But would any changes come into force straightaway? I doubt it but I can't see any harm in telling your solicitor to slow down your exchange date by using some minor technicality -----they're so good at doing that ! ( but make sure you don't aggravate anyone enough to lose the sale). Good luck and happiness in your new home.

Freyagirl

csgohan4 said:

Freyagirl said:

Advice on the following scenario would be appreciated please:  I am buying a property solely in my name which I will live in with my partner.  When he has sold his primary residence he will purchase 50% of the property from me so it will be jointly owned.  My question is will he be liable to Stamp Duty when he purchases from me?
Thanks

Depends on the house price noted
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

50% of the property price would be £230k.

wazza07

We’re in a similar position but still haven’t agreed on an exchange/completion date. Would any changes come into effect immediately? or would it be a case of waiting until 6th April for the new tax year?

bucksbloke

This happened to us once. We had to exchange with our solicitor holding our stamp duty, which we got back because it was not charged on completion. I would not bother waiting to exchange - you are likely to annoy the vendor/chain if you do. 

SDLT_Geek

Freyagirl said:

csgohan4 said:

Freyagirl said:

Advice on the following scenario would be appreciated please:  I am buying a property solely in my name which I will live in with my partner.  When he has sold his primary residence he will purchase 50% of the property from me so it will be jointly owned.  My question is will he be liable to Stamp Duty when he purchases from me?
Thanks

Depends on the house price noted
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

50% of the property price would be £230k.

So if your partner pays you £230K for a 50% share your partner will have to pay SDLT on the £230K.  It sounds as if standard rates of SDLT will apply, so that is SDLT of £2,100.