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Stamp Duty - First time buyer with Two inherited properties

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Hi,
I was wondering if anyone could clarify if stamp duty would need to be paid under these circumstances and if so how much:
- A person is buying their first property to live in.
- The person has inherited a 25% share in a house and also a 25% share in an apartment within the last year.
- Neither properties are being rented out and are both currently on the market.
Thanks
«1

Comments

  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Did this person get the properties transferred to their names  or have they been left in the names of the previous owners ?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    If the "inherited" properties are being sold by the executors and the beneficiary is just going to receive their share of the sale proceeds, they're not relevant for stamp duty purposes.
  • Did this person get the properties transferred to their names  or have they been left in the names of the previous owners ?
    Properties have been through probate and are now officially in the 4 beneficiaries 
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Did this person get the properties transferred to their names  or have they been left in the names of the previous owners ?
    Properties have been through probate and are now officially in the 4 beneficiaries 
    What's the value of the beneficiary's shares?
  • davidmcn said:
    Did this person get the properties transferred to their names  or have they been left in the names of the previous owners ?
    Properties have been through probate and are now officially in the 4 beneficiaries 
    What's the value of the beneficiary's shares?
    Approx 160k
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Ok, then they no longer qualify for first time buyer relief (as inheriting counts as "buying" in this context), and if they complete their purchase before completion of sales of both the other properties then they'll also be liable for the additional rate for second properties.
  • davidmcn said:
    Ok, then they no longer qualify for first time buyer relief (as inheriting counts as "buying" in this context), and if they complete their purchase before completion of sales of both the other properties then they'll also be liable for the additional rate for second properties.
    Thank you for that. Do you know if the properties are sold within a certain amount of time then would the additional rate paid be able to be claimed back? I have read certain articles that suggest if the properties are sold within 3 years then this may be the case.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    davidmcn said:
    Ok, then they no longer qualify for first time buyer relief (as inheriting counts as "buying" in this context), and if they complete their purchase before completion of sales of both the other properties then they'll also be liable for the additional rate for second properties.
    Thank you for that. Do you know if the properties are sold within a certain amount of time then would the additional rate paid be able to be claimed back? I have read certain articles that suggest if the properties are sold within 3 years then this may be the case.
    That only applies if you're selling your main residence - I assume these aren't?
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 16 July 2020 at 7:32PM
    Did this person get the properties transferred to their names  or have they been left in the names of the previous owners ?
    Properties have been through probate and are now officially in the 4 beneficiaries 
    Oh dear. That wasn't very clever. Give the executors a smack 
    .....and if they are solicitors consider claiming the loss of FTB benefits. 
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Did this person get the properties transferred to their names  or have they been left in the names of the previous owners ?
    Properties have been through probate and are now officially in the 4 beneficiaries 
    If they were being sold why was that done?
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