LBTT / marriage

Caz3121

I am maybe overthinking but just wanted to test my understanding as we are going from two households to one.

Partner and I, not currently married each have our own properties. We also both also currently have additional properties

His second property is now sold...completes this month so will only have his PPR
Plan to sell his PPR and put some goods into storage and will move into my property and we will start looking properly for our together/forever home...could take some time but when found my property will be marketed.

My second property is a house lived in by my daughter and no plans to sell that so I will still have an additional property (paid an additional 6% LBTT at the time, which would now be 8%)

If we do not sell my property before completing on the new property I understand we would pay the additional 8% and then claim back...assuming sold within 18 months (we may also take the opportunity to do any required work on new property if needed before moving.)

We do not currently have any mortgages and would not be reliant on the funds from mine to buy forwards.

Does being married / not married at time of new purchase make any difference?
Who's primary residence are we replacing...both?
We thought it maybe too complicated to get married whilst we each have our own properties so thought this approach was simpler.

(we just have not got round to setting a date...although the honeymoon is booked for 2026!)

_Penny_Dreadful

Caz3121 said:

I am maybe overthinking but just wanted to test my understanding as we are going from two households to one.

Partner and I, not currently married each have our own properties. We also both also currently have additional properties

His second property is now sold...completes this month so will only have his PPR
Plan to sell his PPR and put some goods into storage and will move into my property and we will start looking properly for our together/forever home...could take some time but when found my property will be marketed.

My second property is a house lived in by my daughter and no plans to sell that so I will still have an additional property (paid an additional 6% LBTT at the time, which would now be 8%)

If we do not sell my property before completing on the new property I understand we would pay the additional 8% and then claim back...assuming sold within 18 months (we may also take the opportunity to do any required work on new property if needed before moving.)

We do not currently have any mortgages and would not be reliant on the funds from mine to buy forwards.

Does being married / not married at time of new purchase make any difference?
Who's primary residence are we replacing...both?
We thought it maybe too complicated to get married whilst we each have our own properties so thought this approach was simpler.

(we just have not got round to setting a date...although the honeymoon is booked for 2026!)

Marriage won’t make any difference to the situation. Not only will your parter have sold both his properties by the time you could to buy your new home together but the LBTT legislation treats co-habiting couples as a single economic unit. 

You now get 36 months to sell your previous main residence. 

Brie

Make sure you have wills. 

If you don't and you are not married everything of yours would go to your daughter as well as any other children you have (assuming you don't have an estranged hubby lurking somewhere).   You daughter, etc, could force your partner to move out of your house as he would have no right to it. 

If you don't and you're married then everything of yours would go to your new hubby and nothing to your daughter, etc.  

Hopefully you already knew all of this and have a something in place or are working towards it.  

Caz3121

Brie said:

Make sure you have wills. 

If you don't and you are not married everything of yours would go to your daughter as well as any other children you have (assuming you don't have an estranged hubby lurking somewhere).   You daughter, etc, could force your partner to move out of your house as he would have no right to it. 

If you don't and you're married then everything of yours would go to your new hubby and nothing to your daughter, etc.  

Hopefully you already knew all of this and have a something in place or are working towards it.  

thank you - we are both widowed and have already know and have discussed at length the importance of wills, tenants in common leaving own share to families with the other being able to live in property during lifetime etc (we are very fortunate and have similar 'wealth' with neither needing anything from the other so will be passed down to our own sides via wills and trusts) ...I have had initial chat with my solicitor.