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Higher rate stamp duty
kelly235
Posts: 2 Newbie
I purchased a flat many year ago as my main residence. I later met my partner and moved into his rental house. I retained the flat and rented it out however we now wish to buy a home together but I wish to keep the flat. He is a first time buyer and although engaged we are not yet married. Will I have to pay the higher stamp duty rate on the home we buy together
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Comments
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In short, yes. The only way of avoiding that is either to sell your flat first, or have the new place wholly in his name (assuming you're not married/civilly partnered).1
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is this the first time buyer discount or the second property 3%? Presume if replacing main residence with main residence you won;t pay the 3%?0
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Flugelhorn said:is this the first time buyer discount or the second property 3%? Presume if replacing main residence with main residence you won;t pay the 3%?OP is in rented accomodation, whilst renting out their owned property. The 'replacing main residence' exemption only applies if you sell one main residence to buy another, so in the circumstances they describe they will have to pay the addiitonal 3% if they buy in both names or are married.4
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Yeah we’ll be buying in both names and we’re unmarried. Was just wondering if there was any discounts available as he is a first time buyer. We’ve been in his rented place several years but the landlord wishes to live in it now so we need to buy somewhere0
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Only for him buying in his sole name, nothing (from a stamp duty point of view anyway) as soon as a non-FTB gets involved.kelly235 said:Yeah we’ll be buying in both names and we’re unmarried. Was just wondering if there was any discounts available as he is a first time buyer.2 -
ah yes - not selling the other property duh! so yes 3% + the lack of FTB hmmp00hsticks said:Flugelhorn said:is this the first time buyer discount or the second property 3%? Presume if replacing main residence with main residence you won;t pay the 3%?OP is in rented accomodation, whilst renting out their owned property. The 'replacing main residence' exemption only applies if you sell one main residence to buy another, so in the circumstances they describe they will have to pay the addiitonal 3% if they buy in both names or are married.0 -
At the moment you own 1 property even if you rent it out.
If you and your other half buy another property you will own 2 properties so not only stamp duty but extra 3% on top.1 -
Depends how much is at stake here but If you trust him then put it in his name only and save the tax. If you’re nervous about that then pay the extra tax and be done with it. Once you’re married it will automatically belong to both of you if he doesn’t make a will stating otherwise."I don't mind if a chap talks rot. But I really must draw the line at utter rot." - PG Wodehouse1
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