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Stamp Duty on Shared Ownership Property
Melliejc1
Posts: 10 Forumite
Hi All,
My mum has inherited 75% of a house with the housing association owning the final 25%. She would like to purchase the remaining 25% (and continue to rent it out). Would she need to pay stamp duty on the 25% that she’d be purchasing or would it be on the value of the entire property? She owns her own (different) property that she lives in.
My mum has inherited 75% of a house with the housing association owning the final 25%. She would like to purchase the remaining 25% (and continue to rent it out). Would she need to pay stamp duty on the 25% that she’d be purchasing or would it be on the value of the entire property? She owns her own (different) property that she lives in.
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Comments
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Is the house she has inherited in England, so that the relevant stamp duty is stamp duty land tax?Melliejc1 said:Hi All,
My mum has inherited 75% of a house with the housing association owning the final 25%. She would like to purchase the remaining 25% (and continue to rent it out). Would she need to pay stamp duty on the 25% that she’d be purchasing or would it be on the value of the entire property? She owns her own (different) property that she lives in.
Is the property leasehold, so the 25% share held by the housing association is reflected in them being due a rent calculated as 25% of a full rental value in accordance with the lease?
Do you know whether the person who took the lease in the first place at the time elected to pay SDLT then on the full market value?1 -
@SDLT_Geek did you also notice that this is a second home for the OP as they live in another property elsewhereSDLT_Geek said:
Is the house she has inherited in England, so that the relevant stamp duty is stamp duty land tax?Melliejc1 said:Hi All,
My mum has inherited 75% of a house with the housing association owning the final 25%. She would like to purchase the remaining 25% (and continue to rent it out). Would she need to pay stamp duty on the 25% that she’d be purchasing or would it be on the value of the entire property? She owns her own (different) property that she lives in.
Is the property leasehold, so the 25% share held by the housing association is reflected in them being due a rent calculated as 25% of a full rental value in accordance with the lease?
Do you know whether the person who took the lease in the first place at the time elected to pay SDLT then on the full market value?
will be pleased to see your explanation of additional rate SDLT interacting with staircasing2 -
Yes, I had noticed that and am poised to comment when OP puts on more information.Bookworm225 said:
@SDLT_Geek did you also notice that this is a second home for the OP as they live in another property elsewhereSDLT_Geek said:
Is the house she has inherited in England, so that the relevant stamp duty is stamp duty land tax?Melliejc1 said:Hi All,
My mum has inherited 75% of a house with the housing association owning the final 25%. She would like to purchase the remaining 25% (and continue to rent it out). Would she need to pay stamp duty on the 25% that she’d be purchasing or would it be on the value of the entire property? She owns her own (different) property that she lives in.
Is the property leasehold, so the 25% share held by the housing association is reflected in them being due a rent calculated as 25% of a full rental value in accordance with the lease?
Do you know whether the person who took the lease in the first place at the time elected to pay SDLT then on the full market value?
will be pleased to see your explanation of additional rate SDLT interacting with staircasing1 -
now that creates a stimulating mind image as the geek hovers over the page waiting to pounce....SDLT_Geek said:Yes, I had noticed that and am poised to comment when OP puts on more information.2
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