Discussion
A friend of mine is looking at getting a house with his partner and I think they have got the stamp duty situation a bit wrong.
His partner is selling her house, he is not on the mortgage but is living there. He has two residential mortgages and a buy to let mortgage with me.
They are looking to buy a house jointly for £375k and he seems adamant that they won’t have to pay the higher stamp duty but my understanding is that because he isn’t on his partners mortgage they are liable.
I bought my house with my wife just as the new rules came in to play and I had to pay it, I had the buy to let with my friend, she had no house at all.
Does anyone know whether he will actually have to pay it or not? I think it’s pretty tight for them as it is without paying the extra stamp duty.
His partner is selling her house, he is not on the mortgage but is living there. He has two residential mortgages and a buy to let mortgage with me.
They are looking to buy a house jointly for £375k and he seems adamant that they won’t have to pay the higher stamp duty but my understanding is that because he isn’t on his partners mortgage they are liable.
I bought my house with my wife just as the new rules came in to play and I had to pay it, I had the buy to let with my friend, she had no house at all.
Does anyone know whether he will actually have to pay it or not? I think it’s pretty tight for them as it is without paying the extra stamp duty.
orangesrule said:
He should confirm with a conveyance solicitor, however I'd be pretty sure on them having to pay 3% extra stamp.
My solicitor was adamant I didn’t need to pay it when I bought my house. Luckily I was cautious and had the money needed in case, my solicitor was wrong. My friend is just wanting to hear things that suit him and I fear he is going to have a bill over £16k bigger than he is hoping for.
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