SDLT Query on sale and purchase

DebtFreeWannabe88

Hi all, I'm after some advice please as ive just received an email from my conveyancer that has well and truly stumped me and I'm struggling to find a straight answer anywhere!

My partner and I brought out home 7 years ago - due to health issues (Partner now retired on ill health grounds)and an age gap in our relationship (decreasing mortgage term and making payments more which is unaffordable on 1 income) we have sold our property together and I am purchasing our next property solely in my name.

The conveyancer has said that I might be subject to a further 5% SDLT as this will be classed as my 2nd home, even though our original joint owned house is sold and should complete on the same day as the new purchase.

I can see info online about transfer and gifting of equity but its all confusing - I'm also not looking for a way out of paying any additional tax necessary I just can't seem to make sense of why I need too pay an additional 5% when its not a second home?Hopefully someone can share a similar experience or advice?

TIA

Woodstok2000

Is this part of a chain, or are you selling your house and buying the new house in two totally separate transactions?

To put it another way, if the sale of your current house falls through at the last minute, will that prevent you buying the new property?

DebtFreeWannabe88

Yes it would - we have a cash buyer for ours and we are the end of the chain as the house is empty but still a small chain either way. We will be using the equity from the sale to put the deposit down on the new house.

GrumpyDil

In which case you need to ask him to explain why they think you might be subject to the extra 5%.

DebtFreeWannabe88

Her email alludes to an assumption that we are separating - would that bare any significance and that's where she has become confused perhaps?

Keep_pedalling

https://forums.moneysavingexpert.com/discussion/comment/81938679#Comment_81938679

Putting the new property in your sole name would seem to have confused her, and to be honest I can’t really see the point in doing this. What happens to him if you die first?

When you say partner, do you mean you are neither married or civil partners? Could have an IHT impact if you are not.

sheramber

point out to the conveyancer that you will not own two homes.

The current one is being sold and a single new one being bought.