Stamp Duty: House Purchase Two People
Discussion
Dear Financial Wizard type people.
Before I start, yes, I am going to pay a non electronic cyber person who probably doesn't frequent a motoring based website to answer this question. But, I have (amongst the abuse) often received sensible & sometimes non mainstream pointers on here.
So, me & her indoors are jointly buying a property. We are not married, and I really don't want to do so to improve cash flow
She will have sold her property, I won't sell mine until we've refurbished the new joint home.
At the moment we are being told we need to pay the 3% extra SDLT on the whole of the purchase price.
Why not on 50% ?
I understand (as long as the rules don't change again) that if mine sell within 3 years we will get a refund. So, hopefully it's (the extra 3%) only a cash flow thing rather than an absolute cost.
Any extra advice will be gratefully accepted.
I thank you
Before I start, yes, I am going to pay a non electronic cyber person who probably doesn't frequent a motoring based website to answer this question. But, I have (amongst the abuse) often received sensible & sometimes non mainstream pointers on here.
So, me & her indoors are jointly buying a property. We are not married, and I really don't want to do so to improve cash flow
She will have sold her property, I won't sell mine until we've refurbished the new joint home.
At the moment we are being told we need to pay the 3% extra SDLT on the whole of the purchase price.
Why not on 50% ?
I understand (as long as the rules don't change again) that if mine sell within 3 years we will get a refund. So, hopefully it's (the extra 3%) only a cash flow thing rather than an absolute cost.
Any extra advice will be gratefully accepted.
I thank you
2 sMoKiN bArReLs said:
So, me & her indoors are jointly buying a property. We are not married, and I really don't want to do so to improve cash flow
She will have sold her property, I won't sell mine until we've refurbished the new joint home.
At the moment we are being told we need to pay the 3% extra SDLT on the whole of the purchase price.
Yup.She will have sold her property, I won't sell mine until we've refurbished the new joint home.
At the moment we are being told we need to pay the 3% extra SDLT on the whole of the purchase price.
2 sMoKiN bArReLs said:
Why not on 50% ?
Because the 3% hike applies to the whole purchase price, not just to the one person's split.2 sMoKiN bArReLs said:
I understand (as long as the rules don't change again) that if mine sell within 3 years we will get a refund. So, hopefully it's (the extra 3%) only a cash flow thing rather than an absolute cost.
Yup.TooMany2cvs said:
2 sMoKiN bArReLs said:
So, me & her indoors are jointly buying a property. We are not married, and I really don't want to do so to improve cash flow
She will have sold her property, I won't sell mine until we've refurbished the new joint home.
At the moment we are being told we need to pay the 3% extra SDLT on the whole of the purchase price.
Yup.She will have sold her property, I won't sell mine until we've refurbished the new joint home.
At the moment we are being told we need to pay the 3% extra SDLT on the whole of the purchase price.
2 sMoKiN bArReLs said:
Why not on 50% ?
Because the 3% hike applies to the whole purchase price, not just to the one person's split.2 sMoKiN bArReLs said:
I understand (as long as the rules don't change again) that if mine sell within 3 years we will get a refund. So, hopefully it's (the extra 3%) only a cash flow thing rather than an absolute cost.
Yup.2 sMoKiN bArReLs said:
CubanPete said:
Yep,
We got hit by it too
, right at the time you're maxed out!
You have 18months to sell so you can reclaim.
If anyone wants to buy a nice flat...!
Is it not 36 months?! We got hit by it too
, right at the time you're maxed out!You have 18months to sell so you can reclaim.
If anyone wants to buy a nice flat...!
https://www.gov.uk/stamp-duty-land-tax/residential...
TooMany2cvs said:
2 sMoKiN bArReLs said:
CubanPete said:
Yep,
We got hit by it too, right at the time you're maxed out!
You have 18months to sell so you can reclaim.
If anyone wants to buy a nice flat...!
Is it not 36 months?! We got hit by it too
, right at the time you're maxed out!You have 18months to sell so you can reclaim.
If anyone wants to buy a nice flat...!
https://www.gov.uk/stamp-duty-land-tax/residential...
Was in a similar situation to you earlier this year. I owned two properties, and was buying a third with my partner who at that time didn't own any property. We paid 3% on the full price.
For me this was understandable - I know why the charge was implemented and I'd planned for it. For my partner, it was a bit of a sting because he had to fork out some extra money through no fault of his own (although ultimately he benefits from the rental income so he STFU PDQ when I pointed that out).
For me this was understandable - I know why the charge was implemented and I'd planned for it. For my partner, it was a bit of a sting because he had to fork out some extra money through no fault of his own (although ultimately he benefits from the rental income so he STFU PDQ when I pointed that out).
megaphone said:
Out of interest, how do 'they' know you are buying a second property? Do you volunteer the information? Do they check on your name etc? Check bank accounts?
If you own a property outright, no mortgage, then it must be easy to hide??
You'd have to outright lie to your solicitor, asking them to outright lie to HMRC on the SDLT return. Never a great plan...If you own a property outright, no mortgage, then it must be easy to hide??
Oh, and remember the Land Registry?
TooMany2cvs said:
megaphone said:
Out of interest, how do 'they' know you are buying a second property? Do you volunteer the information? Do they check on your name etc? Check bank accounts?
If you own a property outright, no mortgage, then it must be easy to hide??
You'd have to outright lie to your solicitor, asking them to outright lie to HMRC on the SDLT return. Never a great plan...If you own a property outright, no mortgage, then it must be easy to hide??
Oh, and remember the Land Registry?
megaphone said:
TooMany2cvs said:
megaphone said:
Out of interest, how do 'they' know you are buying a second property? Do you volunteer the information? Do they check on your name etc? Check bank accounts?
If you own a property outright, no mortgage, then it must be easy to hide??
You'd have to outright lie to your solicitor, asking them to outright lie to HMRC on the SDLT return. Never a great plan...If you own a property outright, no mortgage, then it must be easy to hide??
Oh, and remember the Land Registry?
Our company got hit for it. Most people are clued up on it now though I'm amazed at how many people think they can avoid it by purchasing below the stamp duty level. Whoops.
Sarnie said:
2 sMoKiN bArReLs said:
Why not on 50% ?
Because you are BOTH buying a whole property, not half of one..............Gassing Station | Finance | Top of Page | What's New | My Stuff