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Stamp duty - part purchase of property
Wow_bob_wow
Posts: 1 Newbie
I’m looking to buy into my partners home so we end up owning 1/3 (me) and 2/3 (him) as tenants in common. He purchased the property during the recent stamp duty holiday and I should shortly have means to buy my share from him. I currently own a rental property outright (if it makes a difference not bought on a BTL basis - I used to live there but now rent out), that I’m hoping to keep on.
What would the stamp duty liability be for my portion? I’m assuming it would be the higher rate (due to current ownership) just for my portion of the property (value around £200k) rather than the value of the whole property? I’m conscious that if we’d bought as joint tenants at the same time the additional rate would probably apply for the value of the whole property so wanted to check.
What would the stamp duty liability be for my portion? I’m assuming it would be the higher rate (due to current ownership) just for my portion of the property (value around £200k) rather than the value of the whole property? I’m conscious that if we’d bought as joint tenants at the same time the additional rate would probably apply for the value of the whole property so wanted to check.
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