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Stamp Duty - First time buyer with Two inherited properties
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timjdaniel
Posts: 8 Forumite
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
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
0
Comments
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Did this person get the properties transferred to their names or have they been left in the names of the previous owners ?1
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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.0
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Properties have been through probate and are now officially in the 4 beneficiariesAnotherJoe said:Did this person get the properties transferred to their names or have they been left in the names of the previous owners ?0 -
What's the value of the beneficiary's shares?timjdaniel said:
Properties have been through probate and are now officially in the 4 beneficiariesAnotherJoe said:Did this person get the properties transferred to their names or have they been left in the names of the previous owners ?0 -
Approx 160kdavidmcn said:
What's the value of the beneficiary's shares?timjdaniel said:
Properties have been through probate and are now officially in the 4 beneficiariesAnotherJoe said:Did this person get the properties transferred to their names or have they been left in the names of the previous owners ?0 -
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.0
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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 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.0 -
That only applies if you're selling your main residence - I assume these aren't?timjdaniel said:
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 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.0 -
Oh dear. That wasn't very clever. Give the executors a smacktimjdaniel said:
Properties have been through probate and are now officially in the 4 beneficiariesAnotherJoe said:Did this person get the properties transferred to their names or have they been left in the names of the previous owners ?
.....and if they are solicitors consider claiming the loss of FTB benefits.1 -
If they were being sold why was that done?timjdaniel said:
Properties have been through probate and are now officially in the 4 beneficiariesAnotherJoe said:Did this person get the properties transferred to their names or have they been left in the names of the previous owners ?0
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