SDLT 3% - panicking about paying!

recklessmurmur

Hey, I'm really desperately hoping someone can help me please.
My husband and I are a couple of weeks away from being fully divorced. We will be divorced by 27th May. 
I have rented my current house for around a year, and my landlord wanted to sell. I made an offer which was accepted. 
My exhusband and I own a home which he is buying me out of. I moved out of here over 3 years ago. This should have been finalised before this purchase completes, so that I could avoid the 3% SDLT. However, this is looking really really unlikely now as my ex husband is just a controlling and spiteful person.
What options do I have, please? Vendors are becoming impatient and I just do not have £26k spare to cover the Stamp Duty. I am not sleeping due to the worry I have about the sale falling through. Its made worse because I'm the tenant...so I know if the sale falls through, I not only can forget about owning the house, but I'll likely be evicted so they can sell it !

Thank you for your help, advice and time. 

K_S

@leighannblyth If your question is about any way to avoid paying the 26k while owning a property in the background, I can't think of any.

It'll depend on the numbers adding up, but might it be possible to hold back 26k from the deposit and increase the mortgage loan amount?

kingstreet

https://www.patrickcannon.net/practice-areas/stamp-duty-land-tax-advisor/sdlt-on-divorce/

If Bob had retained his share of the matrimonial home when he moved out and Diane continued to live there to raise their children, then when Bob bought a replacement main residence, he would have to pay the 3% additional rates. However, if the couple get a property adjustment order in favour of Diane then for stamp duty purposes, Bob’s share in the matrimonial home will be ignored for the purpose of the 3% additional rates and he will not have to pay the 3% surcharge on his later purchase if he does not own any other residential property. It is important that the couple get the property adjustment order before Bob buys his replacement home, otherwise he will have to pay the 3% additional rates and cannot get a refund when the order is made.

penners324

Your buying a home for £860,000 and you're concerned about the stamp duty on it?

simon_or

penners324 said:

Your buying a home for £860,000 and you're concerned about the stamp duty on it?

Even if they're buying a house worth 860,000 (which you can do with a 10-15% deposit and the rest on a mortgage), that doesn't mean one can simply magic up 26,000 for an SDLT surcharge that they didn't expect to need to pay.