Stamp duty confusion
Discussion
Hoping someone can help, I’m currently going through the purchase of a house to be my main residence . The problem I have though is around 8 years ago I was gifted a 33% share in a house from my father. The house I have a share in I do not pay any money towards and I have not lived in for over 5 years, the purchase price was £78,000.
The question is do I have to pay the higher stamp duty on my new property although it will be my main residence?
Did have this in home and gardens but thought it might be best moved here.
The question is do I have to pay the higher stamp duty on my new property although it will be my main residence?
Did have this in home and gardens but thought it might be best moved here.
jmar2971 said:
Hoping someone can help, I’m currently going through the purchase of a house to be my main residence . The problem I have though is around 8 years ago I was gifted a 33% share in a house from my father. The house I have a share in I do not pay any money towards and I have not lived in for over 5 years, the purchase price was £78,000.
The question is do I have to pay the higher stamp duty on my new property although it will be my main residence?
Did have this in home and gardens but thought it might be best moved here.
Can you shift the part share into a SIPP or similar vehicle, assuming you want to?The question is do I have to pay the higher stamp duty on my new property although it will be my main residence?
Did have this in home and gardens but thought it might be best moved here.
IJWS15 said:
You will have a solicitor dealing with the conveyance for you.
Ask them, you are paying them to deal with things like this.
Yes I will be calling him this morning this only came to light yesterday evening so just wanted to see if I could find an answer beforehand. Ask them, you are paying them to deal with things like this.
Thanks for the help!
As said, ask a conveyancer. I believe different rules may also apply if one of them is in Scotland. The payment may also be different if ownership of both overlap for a long period, and of course there may be Capital Gains Tax. a lot of variables in this, and a conveyancer and accountant may be the answer. Most likely answer that people do is carry on and tick the boxes that give the most favourable outcome; usually in ignorance rather than criminal avoidance.
Potentially looking to buy out my partners ex from the house. As sales are unlikely this year and mortgage issues for the pair of them, it seems to make sense to take x% out of my house and buy him out. Would I need to pay stamp duty and if so, would it be the full ammount of the existing value or a proportion of the existing value?
MrChips said:
OP are you selling an existing main residence as part of this move... if so then you won't need to pay the additional 3% rate.
If however you're currently in rented or other accommodation, then yes you'll be liable for the additional 3% on the new house you're buying.
Currently in rented accommodation and have never stayed in the property as main residence.If however you're currently in rented or other accommodation, then yes you'll be liable for the additional 3% on the new house you're buying.
I did think the 3% sting was the case from what I have read, still waiting for the conveyance solicitor to call me back to fully confirm.
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