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Stamp Duty confusion
caralynch
Posts: 5 Forumite
My partner and I own separate homes. We want to sell both and buy one together.
However, his father died a couple of years ago and left him and his brother a house which they now rent out.
What does this mean for us buying a house together - we assumed that we'd get charged a higher rate of stamp duty but as the house we'll buy together will be our main home, will we just pay regular stamp duty?
Are there any other fees we'll have to watch out for because he owns that second home?
For context, we're not married or in civil partnership.
However, his father died a couple of years ago and left him and his brother a house which they now rent out.
What does this mean for us buying a house together - we assumed that we'd get charged a higher rate of stamp duty but as the house we'll buy together will be our main home, will we just pay regular stamp duty?
Are there any other fees we'll have to watch out for because he owns that second home?
For context, we're not married or in civil partnership.
0
Comments
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The addition charge will not apply as he is selling his main residence and buying another one. It will need to be paid if the sale of his or your current house happens after the new purchase but that can be claimed back once that house is sold.0
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Whatever you choose to do please be aware that if you are not intending formalising your relationship that you have documentation and wills in place regarding a potential breakdown of tthe relationship, ill health or death.1
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Are you buying in England so that the relevant stamp duty is stamp duty land tax?caralynch said:My partner and I own separate homes. We want to sell both and buy one together.
However, his father died a couple of years ago and left him and his brother a house which they now rent out.
What does this mean for us buying a house together - we assumed that we'd get charged a higher rate of stamp duty but as the house we'll buy together will be our main home, will we just pay regular stamp duty?
Are there any other fees we'll have to watch out for because he owns that second home?
For context, we're not married or in civil partnership.
If so, one key point is where your partner has been living. If within the last three years he has lived in his house as his only or main residence, then the replacement rules should save him.
Another rule which might save him from the extra 5% SDLT, is that an inherited share of up to 50% does not count against someone for three years.0
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