Buying into partners home

Be_True_To_Yourself

I have a flat which I own outright and will be selling later on this year,MY Partner will be paying off his mortgage in the next couple of months,his property is valued at around 370K, if I were to buy into the property for around 80/100k would I be libel to pay Stamp-duty. I realise We would need to get a valuation.

Thank You for Your help

SDLT_Geek

Wrighttobehappy said:

I have a flat which I own outright and will be selling later on this year,MY Partner will be paying off his mortgage in the next couple of months,his property is valued at around 370K, if I were to buy into the property for around 80/100k would I be libel to pay Stamp-duty. I realise We would need to get a valuation.

Thank You for Your help

It might make a difference which country his property is in.  If it is England then stamp duty land tax is the relevant tax.

If you have no other property interests at the time you "buy in", then I would not expect there to be SDLT to be due (usually SDLT starts above £125,000, but it is from £40,000 if there are other property interests involved and the 3% surcharge applies).

This is one to get advice on, as bizarrely HMRC sometimes say that your partner would be a "joint purchaser" with you.  If that was right, it might then matter whether he has other property interests!

Be_True_To_Yourself

Hi All

I have another question to add to the above so hoping that adding it here will make it easier...Thank you. 

Soon I will be able to buy into My partners  property in the U.k for 25% so therefore he will own the lion share...Our aim would be if one  us dies the other would remain in the property  until we die ,go into a home or decide to sell...We both have grown up children from previous  marriages ....
We are realistic that We could split up before so therefore need to protect ourselves ...what would be the best way to protect ourselves?...we will stil be getting a valuation on the property .
We realise We would need to have Wills to reflect this ..I have been reading about Tenants in common...Deed of  trust ...I realise it's a bit of a minefield ...

We have a family member who is a solicitor..would it be sensible to use another solicitor to ensure everything is in place fairly for the future:?

Many thanks.

dimbo61

Lots of questions 
Why are you selling the flat if you own it outright ?
Could you rent it out and use the money after paying your tax and other costs to help you live ?
If you did split up you would still have a place to live once you have evicted your tenants.
This flat may also increase in value and would be something to pass onto your family when you die.
Why do you want to buy 25% of your partner's property when they will be mortgage free soon !
What will they do with the money 🤔 
What happens if your partner dies and " the family " want you to sell up so they can get at the money tied up in the property ?
Speak to the relative who is a solicitor.