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    • Tofus
    • By Tofus 16th Mar 17, 6:28 AM
    • 11Posts
    • 0Thanks
    Stamp Duty query
    • #1
    • 16th Mar 17, 6:28 AM
    Stamp Duty query 16th Mar 17 at 6:28 AM

    I'm hoping someone can help me with this query or point me in the right direction for information to find out please.

    I am a first time buyer buying a home for under 80k. I am married but it is solely myself on the the mortgage application for this property.

    My wife owns a 50% share in her family home which is again valued at around 80k (the other half is owned by her mother who lives in the property) but my wife will be living in the new home with me. My wife and her mum cover the costs of the mortgage etc on the first home between them. My wife doesn't make any on money on this property.

    My question is will the new home that I am purchasing for us to live in, be likely to be classed as an additional home subject to SDLT because my wife owns 50% of her family home?

    Thanks in advance
Page 1
    • da_rule
    • By da_rule 19th Mar 17, 7:34 AM
    • 2,632 Posts
    • 2,321 Thanks
    • #2
    • 19th Mar 17, 7:34 AM
    • #2
    • 19th Mar 17, 7:34 AM
    The higher rate of stamp duty only applies where an interest in the property is worth more than 40k. So, if the property you are buying is worth less than 80k and your wife will own 50% of it then the standard rate will apply as her share will be worth less than 40k (and obviously given the value of the house, under the standard rate there's no stamp duty to pay).
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