Stamp Duty when buying house jointly , one person moving house, one person second home

K_S

SDLT_Geek said:

K_S said:

@deespare I'll echo what the poster above has said, a JBSP mortgage is often used in scenarios where a family member who owns their own home is going on a mortgage simply to boost affordability but doesn't want/need to be on the deeds.

There are plenty of mainstream lenders like Barclays, Skipton, Newcastle, Clydesdale, etc. who offer these products so you won't really lose out on rate either.

The SDLT saving requires that the family member with their own home is to have no underlying share in the property being bought.  This is not necessarily the same thing as being "on the deeds". 

For example, a declaration of trust saying that the family member has a underlying share in the property, would be enough to mean that the extra 3% SDLT is due.

@sdlt_geek Absolutely.

My point was simply that plenty of clients take out JBSP mortgages for the express purpose of avoiding the 3% surcharge and/or using/preserving FTB status and are able to achieve that aim, for which staying off the deeds is a minimum requirement.

simon_or

OP, you should think about using a jount applicant sole owner mortgage,  that way you may be able to avoid extra stamp duty as along as you tick all the boxes.