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Stamp duty when partner buys in
Luirette
Posts: 2 Newbie
Hello,
I've got a type of shared ownership property, where I own 60% of it and the other 40% is owned by a housing association. Now that I've had the property for 10 years I am being charged quite a bit of interest on that 40%. I'd like to propose that my boyfriend gets a mortgage and buys that 40%. He already has a property of his own. A mortgage broker said that both of our names could be on the mortgage though, now I'm not working the calculation will be entirely based on his earnings. My question is this: Although my name will be on the joint mortgage and I will be living in the property, will my boyfriend have to pay stamp duty if he buys the 40%? And if so, as this would be a second property would he have to pay the 3% surcharge?
I've got a type of shared ownership property, where I own 60% of it and the other 40% is owned by a housing association. Now that I've had the property for 10 years I am being charged quite a bit of interest on that 40%. I'd like to propose that my boyfriend gets a mortgage and buys that 40%. He already has a property of his own. A mortgage broker said that both of our names could be on the mortgage though, now I'm not working the calculation will be entirely based on his earnings. My question is this: Although my name will be on the joint mortgage and I will be living in the property, will my boyfriend have to pay stamp duty if he buys the 40%? And if so, as this would be a second property would he have to pay the 3% surcharge?
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Comments
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Is this a shared equity arrangement rather than a shared ownership one?Luirette said:Hello,
I've got a type of shared ownership property, where I own 60% of it and the other 40% is owned by a housing association. Now that I've had the property for 10 years I am being charged quite a bit of interest on that 40%. I'd like to propose that my boyfriend gets a mortgage and buys that 40%. He already has a property of his own. A mortgage broker said that both of our names could be on the mortgage though, now I'm not working the calculation will be entirely based on his earnings. My question is this: Although my name will be on the joint mortgage and I will be living in the property, will my boyfriend have to pay stamp duty if he buys the 40%? And if so, as this would be a second property would he have to pay the 3% surcharge?
How much is a 40% share worth? More than 40k?1 -
Lover_of_Lycra - yes you are right, it's a shared equity arrangement. I'm in London so that 40% is worth over £100k now.0
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I think this might be one for @SDLT_Geek.Luirette said:Lover_of_Lycra - yes you are right, it's a shared equity arrangement. I'm in London so that 40% is worth over £100k now.0
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