Will I pay stamp duty?

  • Filter
  • Time
  • Show
Clear All
new posts

    Will I pay stamp duty?

    So i was hoping for some good advice.

    Me and my girlfriend are looking to buy a house together, the problem is i already have a house of my own which i am renting out on a BTL mortgage. So if i buy a house with my girlfriend that will be my second home, but her only home.

    Will i have to pay stamp duty?

    It seems obvious, yes of course you will its your second home.

    but is there a way around it, by either allocating the title to her, so were both on the mortgage our home is always half mine but the way i structure it so i have 1 and she has 1.

    can i give away 1% of the house so she has 51% i have 49% and therefore we have a house each.

    basically is there anything i can do or will the purchase of a house jointly in mine and her name trigger second home stamp duty when she doesn't have a 2nd home only i do.

    There are a minority of lenders who will accept one person being on the Title but with two persons on the mortgage in order support the affordability , otherwise You cannot circumvent the SDLT premium in the second property is in joint names.


    Latest Activity


    • Reply to Is changing carpets to laminate flooring tax deductible?
      by jpkeates
      I find that using expensive and long lasting underlay under cheaper carpet works best.
      It feels nice and luxurious and insulates well, and replacing the carpet is less traumatic on the bank balance.
      30-05-2020, 12:25 PM
    • Is changing carpets to laminate flooring tax deductible?
      by anqi_z

      Carpets in a let property has worn out and I am considering to replace it with laminate flooring.
      Could anyone advise if this will be tax deductible (assume this won't be considered as improvement)?

      Thank you....
      25-05-2020, 19:16 PM
    • Flipping a property
      by Gray
      My son and I are thinking of buying a property together and renovating it. We were intending to rent it out but now are thinking about just selling it again once work is finished. If we purchase property in three names (our’s and his partner’s), we would get three capital gains allowances is that...
      18-05-2020, 17:53 PM
    • Reply to Flipping a property
      by Jerome2020
      It's not strictly true that a company must be used where there are more than four owners. Where there are more than four parties with an interest in a property, the first named four are treated as holding the land on Trust for the remaining beneficial owners; good documentation is essential to avoid...
      30-05-2020, 11:56 AM
    • Reply to Is changing carpets to laminate flooring tax deductible?
      by blinko
      Yeah I prefer carpet too, but the rate at which tenants seem to be able to destroy carpet compared to laminate.....
      30-05-2020, 11:50 AM
    • Reply to Is changing carpets to laminate flooring tax deductible?
      by Lawcruncher
      Funny how fashions change. Fifty years ago having fitted carpet had a social cachet, now everyone wants laminate flooring. I know it looks nice, but so do carperts. It is fine in a conservatory with cane furniture, but it makes a lounge look clinical. It also increases your central heating costs.
      30-05-2020, 07:51 AM
    • Reply to Flipping a property
      by Gordon999
      Land Registry only allows 4 names maximum on the property title.

      If more than 4 names , you would need to register under company name and the members in the group become shareholders.

      The members can be shareholders with one £1 share each and the company borrows the funds...
      30-05-2020, 05:59 AM
    • Reply to Flipping a property
      by jpkeates
      If the property title was a joint tenancy, anyone not contributing to the purchase would have received the ownership as a gift and would be an owner as a matter of fact.
      29-05-2020, 16:26 PM
    • Reply to Is changing carpets to laminate flooring tax deductible?
      by jpkeates
      OK, that makes a lot more sense.

      The HMRC guidance is focussed on improvements like new rooms or new bathrooms rather than more mundane changes.

      I would probably focus equally on the amount of the difference rather than the ratio - £500 is neither here nor there for tax purposes,...
      29-05-2020, 16:16 PM
    • Reply to Flipping a property
      by Stew
      thanks - interesting reading
      29-05-2020, 15:32 PM