Over 50, relocating, mortgage and work!!

SDLT_Geek

felinefancy said:

SDLT_Geek said:

felinefancy said:

(My husband has his family home abroad he's in the process of getting ready to sell - the proceeds of which he would have to split with his siblings however due to complex legal matters, this might take 2-3 years to sell but when it does, this might give us £50-70k which could be used to pay off any outstanding mortgage or put towards a house depending on which option we might choose.  However, due to the complexity of matters in his country, this is not something we can totally rely upon to include when considering our options.)

If your husband still owns the family home abroad when you complete your purchase, then if the property abroad is worth £40,000 or more, then the extra 3% stamp duty land tax will apply to your purchase.  Nor will it be recoverable if he later sells the property abroad.

Could you please elaborate?  My husband and his siblings have inherited this property from their deceased parents.  His share upon selling it will be about £50-70k.  As an inheritance in this case, would UK stamp duty still be applicable?

There are two things which might help here.

Firstly  it seems that your husband might not have yet “inherited” the property in the sense that it might still be vested in an unadministered estate. Perhaps it will be sold from that without your husband ever taking a share in the property itself. In that case he does not own another property for the purposes of 3% stamp duty land tax.

Another thing which could help is that there is a rule that if one inherits a share of the property not exceeding 50%,  then it does not “count against you“ for three years for the purposes of the 3% surcharge.

Thrugelmir

felinefancy said:

gwynlas said:

b or c would be acceptable. I acknowledge that your current job is causing anxiety but if you want to secure a mortgage is it worth putting up with it for a while? It is often preferable to move from job to job rather than take a break and you could always say that your current role did not work long distance. Whilst you are old to be starting on home ownership long term rental is only really secure if you have a social landlord.

Yes, I agree ref the job but unfortunately their decision about homeworking outside of London is not something that can be relied upon - could take months for them to get back to me, if at all, or give such an non-committal response that we're neither any further forward or clearer!  I will see if I can obtain some feedback this week and take that as the catalyst for our next step.  

Seems easiest to discount your existing employment entirely.  Longer term full time homeworking is unlikely for many. Long distance commuting may well not be viable or desirable.