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  • FIRST POST
    • 4strings
    • By 4strings 9th Apr 18, 6:06 PM
    • 16Posts
    • 0Thanks
    4strings
    Stamp Duty.. advice on charges
    • #1
    • 9th Apr 18, 6:06 PM
    Stamp Duty.. advice on charges 9th Apr 18 at 6:06 PM
    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
Page 1
    • Pixie5740
    • By Pixie5740 9th Apr 18, 6:17 PM
    • 12,981 Posts
    • 18,660 Thanks
    Pixie5740
    • #2
    • 9th Apr 18, 6:17 PM
    • #2
    • 9th Apr 18, 6:17 PM
    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
    Originally posted by 4strings
    Is your 22% share worth more than 40k? Is your ex an ex spouse?
    • 4strings
    • By 4strings 9th Apr 18, 7:13 PM
    • 16 Posts
    • 0 Thanks
    4strings
    • #3
    • 9th Apr 18, 7:13 PM
    • #3
    • 9th Apr 18, 7:13 PM
    Is your 22% share worth more than 40k? Is your ex an ex spouse?
    Originally posted by Pixie5740
    Yeah, probably around 60k. Nope, never married. Also should have said there is no outstanding mortgage on the old house.
    • SDLT Geek
    • By SDLT Geek 9th Apr 18, 8:47 PM
    • 307 Posts
    • 181 Thanks
    SDLT Geek
    • #4
    • 9th Apr 18, 8:47 PM
    • #4
    • 9th Apr 18, 8:47 PM
    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?
    • 4strings
    • By 4strings 10th Apr 18, 6:35 AM
    • 16 Posts
    • 0 Thanks
    4strings
    • #5
    • 10th Apr 18, 6:35 AM
    • #5
    • 10th Apr 18, 6:35 AM
    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?
    Originally posted by SDLT Geek
    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?
    • SDLT Geek
    • By SDLT Geek 10th Apr 18, 7:58 AM
    • 307 Posts
    • 181 Thanks
    SDLT Geek
    • #6
    • 10th Apr 18, 7:58 AM
    • #6
    • 10th Apr 18, 7:58 AM
    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
    • 4strings
    • By 4strings 10th Apr 18, 8:44 AM
    • 16 Posts
    • 0 Thanks
    4strings
    • #7
    • 10th Apr 18, 8:44 AM
    • #7
    • 10th Apr 18, 8:44 AM
    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
    Originally posted by SDLT Geek
    Thank you!
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