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Stamp Duty.. advice on charges
4strings
Posts: 21 Forumite
Hi. I'm looking for a little advice please(though I think I know the answer).
Following my father passing away, I now have a share of the proceeds from his estate and this is going to enable me to buy a house.
I am currently renting and have been doing so for the last 10 years following on from a split with my then partner. Now, the issue is, we both still own the property she lives (and both my children are back there at the moment). Even though the deeds show we own the property equally, in fact I only have a 22% financial share of it (legal docs all signed to quality this etc).
Now, following looking at online info, it seems to me like this disgraceful money grabbing tax is going to bite me hard as my new home will be seen as a second property. Except that digging in to semantics, it will be my MAIN home. There currently seems no possibility in her buying me out. What can I do? Maybe sign over my half of the property to her but then I feel I could be seriously risking my financial share...
Any ideas?? Help!
Thanks
Mark
Following my father passing away, I now have a share of the proceeds from his estate and this is going to enable me to buy a house.
I am currently renting and have been doing so for the last 10 years following on from a split with my then partner. Now, the issue is, we both still own the property she lives (and both my children are back there at the moment). Even though the deeds show we own the property equally, in fact I only have a 22% financial share of it (legal docs all signed to quality this etc).
Now, following looking at online info, it seems to me like this disgraceful money grabbing tax is going to bite me hard as my new home will be seen as a second property. Except that digging in to semantics, it will be my MAIN home. There currently seems no possibility in her buying me out. What can I do? Maybe sign over my half of the property to her but then I feel I could be seriously risking my financial share...
Any ideas?? Help!
Thanks
Mark
0
Comments
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Hi. I'm looking for a little advice please(though I think I know the answer).
Following my father passing away, I now have a share of the proceeds from his estate and this is going to enable me to buy a house.
I am currently renting and have been doing so for the last 10 years following on from a split with my then partner. Now, the issue is, we both still own the property she lives (and both my children are back there at the moment). Even though the deeds show we own the property equally, in fact I only have a 22% financial share of it (legal docs all signed to quality this etc).
Now, following looking at online info, it seems to me like this disgraceful money grabbing tax is going to bite me hard as my new home will be seen as a second property. Except that digging in to semantics, it will be my MAIN home. There currently seems no possibility in her buying me out. What can I do? Maybe sign over my half of the property to her but then I feel I could be seriously risking my financial share...
Any ideas?? Help!
Thanks
Mark
Is your 22% share worth more than £40k? Is your ex an ex spouse?0 -
I wonder if your ex could buy enough of your share so that what you have left is worth under £40,000?
Or did you, after buying the property with your ex, sell another property which you used to live in?0 -
I wonder if your ex could buy enough of your share so that what you have left is worth under £40,000?
Or did you, after buying the property with your ex, sell another property which you used to live in?
No, that was a first time buy. I could ask her but I'm not feeling positive!
Can you explain what the £40k limit is please?0 -
If your interest in the other property owned is worth less than £40K then it does not count against you for the purposes of the higher rates of SDLT. It is explained here https://www.zoopla.co.uk/discover/buying/q-a-new-3-stamp-duty-surcharges/ and here https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm097800
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If your interest in the other property owned is worth less than £40K then it does not count against you for the purposes of the higher rates of SDLT. It is explained here https://www.zoopla.co.uk/discover/buying/q-a-new-3-stamp-duty-surcharges/ and here https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09780
Thank you!0
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