Purchasing a new property - Stamp Duty

[SSG1000]

Hi all,

Just sold my property owned 50/50 by myself and father, as we are looking to purchase a new house. He will be gifting me his share when purchasing the new property. However, I also own another property with my wife. (50/50 share)

At present, it looks like when we move we're going to be hit with a £30k stamp duty bill. But would it be feasible if I transferred full ownership of my second property to my wife and purchase the new property solely in my name?

(She is able to service the full mortgage on the second property with her present salary)

Or is this a no go?

[B3NJY]

I think the only way you could avoid this is if you transferred your share of your original house to your father.

Married couples are seen as one so transferring anything to your wife won’t make a difference on the stamp duty.

[SSG1000]

B3NJY said:

I think the only way you could avoid this is if you transferred your share of your original house to your father.

Married couples are seen as one so transferring anything to your wife won’t make a difference on the stamp duty.

Thanks for the response..... reluctant to transfer the full property into his name due to IHT.

Would it work if I transferred my share to my son or would we have to transfer the full property to him - relinquishing my wife's share also?

[JulianPH]

SSG1000 said:

B3NJY said:

I think the only way you could avoid this is if you transferred your share of your original house to your father.

Married couples are seen as one so transferring anything to your wife won’t make a difference on the stamp duty.

Thanks for the response..... reluctant to transfer the full property into his name due to IHT.

Would it work if I transferred my share to my son or would we have to transfer the full property to him - relinquishing my wife's share also?

Basically, married couples are treated as being the same as an individual here.

This may be of help:

https://www.gov.uk/guidance/stamp-duty-land-tax-bu...

If you transferred your share to your son this may get around this, but this is not my specialist area.

[B3NJY]

SSG1000 said:

Thanks for the response..... reluctant to transfer the full property into his name due to IHT.

Would it work if I transferred my share to my son or would we have to transfer the full property to him - relinquishing my wife's share also?

This could potentially work. It might be best contacting somebody like Sarnie as they will know much more than I do as I’m just going from previous experience.

[red_slr]

IIRC there are allowances in place for this kind of thing but you do need to be separated, with no chance of reconciliation.

You would need a solicitor to sort the deeds for you on your current house, and relinquish any legal ties etc.

IIRC.

IANAL.

[SSG1000]

JulianPH said:

Basically, married couples are treated as being the same as an individual here.

This may be of help:

https://www.gov.uk/guidance/stamp-duty-land-tax-bu...

If you transferred your share to your son this may get around this, but this is not my specialist area.

Thanks all, appreciate the thoughts/advice.... will also drop sarnie a message!