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SDLT workaround? FTB and non FTB joint ownership
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oz0707
Posts: 914 Forumite
With the following scenario, based on it all being done before April would this be legal / doable? With 2 parties
Partner A being FTB
Partner B not currently owning residential property.
Property purchased at 420k by FTB in sole name paying £0 SDLT as under threshold.
Transfer of equity immediately after/ day after to partner for 50% for £210k, £0 SDLT as under 250k threshold.
Effective SDLT £0
Otherwise on a straight joint purchase I believe this would incur £8500 SDLT
I am unsure if it is legal. On one hand it seems a bit dodgy, on the other it seems the FTB is punished for purchasing jointly with a previous owner of property.
Partner A being FTB
Partner B not currently owning residential property.
Property purchased at 420k by FTB in sole name paying £0 SDLT as under threshold.
Transfer of equity immediately after/ day after to partner for 50% for £210k, £0 SDLT as under 250k threshold.
Effective SDLT £0
Otherwise on a straight joint purchase I believe this would incur £8500 SDLT
I am unsure if it is legal. On one hand it seems a bit dodgy, on the other it seems the FTB is punished for purchasing jointly with a previous owner of property.
0
Comments
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Whose £420k is it?2
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Are you married?2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream2 -
It's a mixture of funds roughly equal to the proportion of the split. 50/50. Unmarried.0
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funds come from both parties so, as above, beneficial interest for each from point of purchase
would it be discovered? Depends on your conveyancer. no solicitor should allow it.2 -
Thanks for reply. Plan Scrapped!0
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