Stamp duty confusion

Bumfluff_tiger

Hi all, wondering if someone can help with stamp duty confusion.

I have my own house and mortgage (worth £185,500) which I intend on renting out temporarily (I have applied for consent to let).

I am going to move in with my partner and contribute to his mortgage (half).

We have passed affordability checks and I am wondering what stamp duty I will be liable to pay? His mortgage is worth £322,000.

I will most likely sell my house in around 2.5 years.

Many thanks

DE_612183

Sounds like you are not buying or selling now - in which case no stamp duty - however when you say "contribute" is the property changing hands from Him - to Us? 

However when you do sell your house in 2.5 years time you will attract Capital Gains Tax.

Bumfluff_tiger

DE_612183 said:

Sounds like you are not buying or selling now - in which case no stamp duty - however when you say "contribute" is the property changing hands from Him - to Us? 

However when you do sell your house in 2.5 years time you will attract Capital Gains Tax.

Hi Thanks for your reply - sorry I forgot to say the title/equity is being transferred from his ex partners name to my name.

DE_612183

ah, so you are making a "purchase" - as such you'll be liable for the stamp duty on 50% of the market value

fireballpaul

DE_612183 said:

ah, so you are making a "purchase" - as such you'll be liable for the stamp duty on 50% of the market value

eeek bad one

amnblog

Sounds like picking up half a share of the property and a £322,000 mortgage whilst retaining your property  will likely cost you £22,200 minimum in stamp duty land tax - check with your Solicitor before you do anything.