Higher stamp duty - take name off deed?

money11111

Please be kind as going through split and managing lots.

One family home we've lived in. Also bought a flat we've rented out, never lived in. Selling both (necessary due to split) but the primary home will definitely sell first as lots of 2 bed flats around our area.

Ex has said he will live in the flat for a few months to make things easier ad the family home sells and also suggested we get solicitor to take my name off the flat deed and mortgage (he can afford to cover on his own) as this might be a way to avoid the stress of worrying about higher stamp duty I would probably (?) need to pay when I sell family home and buy next home with my kids.

I can't sleep for stress at the moment. 

Any advice? I've asked two solicitor and neither gave me a concrete answer.

RAS

@SDLT_Geek

Is there an exemption here?

bobster2

Answer from @SDLT_Geek last year...

https://forums.moneysavingexpert.com/discussion/6569327/second-home-and-divorce

SDLT_Geek

money11111 said:

Please be kind as going through split and managing lots.

One family home we've lived in. Also bought a flat we've rented out, never lived in. Selling both (necessary due to split) but the primary home will definitely sell first as lots of 2 bed flats around our area.

Ex has said he will live in the flat for a few months to make things easier ad the family home sells and also suggested we get solicitor to take my name off the flat deed and mortgage (he can afford to cover on his own) as this might be a way to avoid the stress of worrying about higher stamp duty I would probably (?) need to pay when I sell family home and buy next home with my kids.

I can't sleep for stress at the moment. 

Any advice? I've asked two solicitor and neither gave me a concrete answer.

Will you be buying in England, so that the relevant stamp duty is stamp duty land tax?

If the property you co-own and have lived in as your only or main residence is sold and another is bought by you alone to live in as your new home, then I would not expect the extra 5% SDLT to apply to your purchase, even with you having an interest in another property.  I would expect the replacement rules to apply.  There is guidance here: https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09800

It would help to know whether the two of you are married / in a civil partnership or neither, as that would be relevant to the detail.

WillowLeaf

"... and also suggested we get solicitor to take my name off the flat deed and mortgage (he can afford to cover on his own) as this might be a way to avoid the stress of worrying about higher stamp duty I would probably (?) need to pay when I sell family home and buy next home with my kids."

Is this not effectively giving away your 50% ownership of the flat?

gwynlas

Please take advice on all finacial matters as you need to look at sharing equity of both properties no matter which sells when.
It might be that if husband happy in rental property that he chooses to remain there therefor frustrating sale. He will also need to switch to a regular mortgage rather than BTL