Impact of inheriting 2/3 of a property

MatildaP24

I have inherited 2/3 of my father’s property. I currently have a family home jointly owned with my partner. We are planning to move house. Will I be affected by the second home stamp duty?

sammyjammy

If the family home is now in your name then yes you will pay 2nd home stamp duty.

MatildaP24

Thanks
Even though it’s recently inherited, do I have some time?

It’s not in my name as probate hasn’t been sorted yet.

Cairnpapple

What are you planning to do with the inherited property?

km1500

I thought if you were moving main residence then  you don''t pay 2nd home stamp duty even if you own a 2nd home ?

sammyjammy

MatildaP24 said:

Thanks
Even though it’s recently inherited, do I have some time?

It’s not in my name as probate hasn’t been sorted yet.

If its not in your name by the time you've moved house then no second home rate due.

sammyjammy

km1500 said:

I thought if you were moving main residence then  you don''t pay 2nd home stamp duty even if you own a 2nd home ?

Thats not the case if you've acquired a second home since buying that property.

p00hsticks

sammyjammy said:

km1500 said:

I thought if you were moving main residence then  you don''t pay 2nd home stamp duty even if you own a 2nd home ?

Thats not the case if you've acquired a second home since buying that property.

I'm not sure that's true.

As I understand it, the OP currently owns two properties. If they sell the one they are currently living in and buy another, then, under the current rules,  they won't be subject to the additional 3% of SDLT on the new purchase because they are replacing their main residence. 

Of course, this could all change....

GrumpyDil

As above, if you sell your main residence and replace that main residence with another main residence then the additional stamp duty does not come into play. 

RAS

If you sell your main residence and buy a new main residence, you don't pay the additional SDLT. 

Depending on the situation regarding the inherited property (whether another party has the right to reside, there is a IPDI trust), you may or may not accrue a CGT liability when it is sold.

km1500

yes that's what I thought - so to answer your question if you move home now you won't pay the additional stamp duty even though you now own a second property.