SDLT 1 Forms Advice

_James_ · 17 January 2021 at 2:19PM

Hi,

I’m seeking a bit of advice.

Myself and my brother currently jointly own a property (Joint Tenants, there is no mortgage or loans against the property). We both live there and have no other houses. My brother wishes to move out and has found a place and we have agreed I will buy his half of the property so this will be a straight Transfer of Equity on a freehold property. I understand this will involve completing the SDLT1 form for HMRC and TR1, AP1 and ID3 (X 2) for Land Registry.

I believe I have filled in most of the forms correctly and on the Land Registry recorded the transfer type on the AP1 as: Transfer of share for value. As it is for money it will be scale 1 that the fees are taken from (I’m putting this just in case anything jumps out as incorrect to anyone).

The SDLT1 form is a whole different level of tough. I just wanted to see what everyone’s thoughts were to question 3:

Q3- Interest Transferred or Created - (I am between codes FP and OT on this question. FP as it is a freehold property that is transferred, although my worry here is only half is transferred, or OT as on the archived guidance it says OT is for the acquisition of a share of any legal interest or the acquisition of an easement)

For everything else I believe I am ok:

Q1: (01) / Q2: (F)

Q10: is the amount I am paying her which is half market value and if done in this stamp duty holiday I believe there is no SD to pay so I have left Q14/Q15 blank

Any help would be greatly appreciated and if there is any advice from people that have done this it would be more than welcome. Had a few calls with HMRC but you start to worry when one answer is different to the next.

Many Thanks