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DHC
Posts: 3 Newbie
Partner and I are buying a flat together and it's due to exchange contract this or next week. The flat we are buying has became a "second home" which is now subject to additional 3% stamp duty because I have inherited a property during the conveyancing process. I can't sell it because my aunt still lives there and it doesn't feel right to get rid of her now and it's her grew-up house.
We learnt last week from a financial advisor that we can still save the stamp duty if we buy the property in my partner's name only because we are getting married next year and once we are married then half of the flat is still mine.
I will need to find out if the advice was correct, but if it is, should we tell our solicitor and to change the name on the contract we have signed? We don't want to cause any delay on exchange/completion so I am hoping as long as our solicitor put one name on title register and stamp duty after completion then it doesn't matter what names appears on the property-buying contract now?
We learnt last week from a financial advisor that we can still save the stamp duty if we buy the property in my partner's name only because we are getting married next year and once we are married then half of the flat is still mine.
I will need to find out if the advice was correct, but if it is, should we tell our solicitor and to change the name on the contract we have signed? We don't want to cause any delay on exchange/completion so I am hoping as long as our solicitor put one name on title register and stamp duty after completion then it doesn't matter what names appears on the property-buying contract now?
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Comments
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SDLT is based on beneficial ownership rather than legal ownership so it's not whether you'd have your name on the deeds that's important but if you'll be a beneficial owner.
Are you a cash buyer or are you buying with a mortgage which would presumably be in both your names?
Has probate been granted so that you are the owner of property your aunt lives in or is the property still owned by the deceased's estate?0 -
it's not whether you'd have your name on the deeds that's important but if you'll be a beneficial owner.
Are you a cash buyer or are you buying with a mortgage which would presumably be in both your names?
Has probate been granted so that you are the owner of property your aunt lives in or is the property still owned by the deceased's estate?
Probate has been granted and I am the legal owner of the house my aunt lives in now. We were a cash buyer, but we now have to take out a loan to pay for the stamp duty we didn't planned for. The loan has been pre-approved and we are expecting loan money to arrive next week.
How do I establish if I am a beneficial owner so not subject to additional 3% SDLT? Should I inform my conveyancing solicitor of the name change now?
Thanks.0 -
* Sorry misread, please ignore0
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isn't there an exemption where a property is inherited?
Where's the guidance gone?0 -
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Thanks pixie.....:TExample
Two brothers (Mr A & Mr J) recently inherited their parents’ house, each owning a 50% share. Mr A owns no other property at present but is in the process of purchasing a flat, which will be his main residence.
The higher rates will not apply to the purchase of the new property by Mr A provided that this is purchased within 3 years of inheriting the property, and during that 3 year period the interest held by Mr A in the inherited property, together with any interest held by his spouse or civil partner, does not exceed 50%.0
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