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Stamp duty confusion

Bumfluff_tiger
Posts: 2 Newbie

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
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
0
Comments
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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.0 -
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.0 -
ah, so you are making a "purchase" - as such you'll be liable for the stamp duty on 50% of the market value0
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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 value0
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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.
I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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