Stamp duty re 2nd home

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Stamp duty re 2nd home

    Hi,

    Bought a house with my ex as joint tenants, both names on the deeds and mortgage.

    Relationship broke down ( not married, not civil partnership, no agreements).

    As we had a child, ex lives with the child in the former matrimonial house.

    I cannot be removed from the mortgage as the ex cannot afford to pay the mortgage, on universal credit and recently re-mortgaged to obtain a better deal.

    According to HMRC:

    https://www.gov.uk/hmrc-internal-man...ual/sdltm09797

    On or after 22 November 2017, a `major interest` in a property is ignored [Para 9B] for higher rates purposes where–
    • the property is not a purchaser’s only or main residence,
    • the property is another person’s only or main residence,
    • the property is subject to a `property adjustment order` in favour of the other person,
    So 1 and 2 are ok, but what property adjustment order should I get?

    Thanks

    #2
    I thought that property adjustment orders applied to the end of a marriage or civil partnership.

    And, if you weren't in either relationship, I don't think that section of the tax manual is relevant either. If you are buying another property, you are going to meet condition C.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment

    Latest Activity

    Collapse

    • Reply to Mortgage News
      by loanarranger
      The FCA has confirmed that the current ban on lender repossessions of homes will be continued to 31st of October 2020.

      The regulator says this will "ensure people are able to comply with the government’s policy to self-isolate if they need to".

      The FCA...
      02-06-2020, 21:02 PM
    • Mortgage News
      by loanarranger
      The following article has appeared in one of the Mortgage Trade journals reporting on views expressed by the Association of Mortgage Intermediaries an influential trade body within the mortgage industry.

      "Mortgage rates are likely to rise in the first quarter of 2016 as lenders look...
      23-12-2015, 19:43 PM
    • Reply to The beginning
      by jpkeates
      Some people are always forced to sell (the three D's, death, debt and divorce are traditional estate agent's friends).
      But I think most people simply won't do anything - buy or sell
      There's been a plague, people are worried about a recession (and the future of their jobs) and we hard Brexit...
      02-06-2020, 16:32 PM
    • The beginning
      by JoshyT
      How will landlords on here react to houseprice declines and renters with lower disposable incomes?

      What strategies do you have in place?

      Are there any landlords to be waiting to pick up some bargains in the short to medium term?

      https://www.thisismoney.co.uk/m...
      01-06-2020, 12:12 PM
    • Reply to The beginning
      by Kape65
      Unfortunately for the housing market it often talks itself into a slide. Buyers who may be already wary are going to consider delaying their purchase now in case of a drop, hoping to bag a bargain. Anybody that HAS to sell may well be forced into accepting lower prices which then re-sets ceiling prices....
      02-06-2020, 15:41 PM
    • Reply to The beginning
      by hech123
      Wow I am amazed people are forecasting massive falls in house prices. I actually had to read the article to believe it. It just goes to show how thick most of these so called experts are. I mean you have to be some kind of thick to believe that there is going to be some kind of huge sell off when...
      02-06-2020, 14:18 PM
    • Reply to The beginning
      by doobrey
      https://www.bbc.co.uk/news/uk-england-52847319...
      02-06-2020, 07:59 AM
    • Buying a refurb project as a BTL
      by leasee123
      Quick question - is it possible to buy a house that needs a complete refurb (but nothing structural or anything major) on a buy to let mortgage? Looking at a house that requires a full refurb to let out. Plan is to refurb straight away after completion and then let out. I know you can do this via...
      24-05-2020, 20:36 PM
    • Reply to Buying a refurb project as a BTL
      by leasee123
      Thanks a lot for the useful comments and sorry it took a bit of time to get back to you on this. I did view the house and indeed it required a full refurb. All the carpets were removed, kitchen gutted out except for the sink and some dated units and bathroom that had the sink, toilet and bath but...
      01-06-2020, 14:54 PM
    • Reply to The beginning
      by jpkeates
      Houseprices only matter when someone is buying, selling or borrowing money on a property.

      I don't expect people to have lower disposable incomes.
      In a recession people tend to either have the same income or have a huge change in living standards.
      I'd expect the demand for rental...
      01-06-2020, 13:11 PM
    Working...
    X