Stamp duty confusion

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

Comments

  • DE_612183
    DE_612183 Posts: 3,548 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    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.
  • 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
    DE_612183 Posts: 3,548 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    ah, so you are making a "purchase" - as such you'll be liable for the stamp duty on 50% of the market value
  • fireballpaul
    fireballpaul Posts: 42 Forumite
    10 Posts
    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
    amnblog Posts: 12,699 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 4 April at 8:16AM
    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.
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