Stamp duty / Tennents in common

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  • Gordon999
    replied
    If the purchase is registered jointly , under yours and father's name , it means paying extra 3% sdlt.

    Its better for you to buy under your name only and own 100% of the property, and let your father act as the "mortgage lender" to you and pay him interest at same rate as charged by Nationwide or Halifax and pay Nil sdlt..

    But Boris may have changed the rules today to get the economy going !

    Leave a comment:


  • jpkeates
    replied
    1 - Yes, but it's a sale.
    2 - Yes, they'll pay SDLT at the market value (well 99%) with the surcharged VAT.

    I don't really see the point of the arrangement.

    At the end of the transactions, you've spent £150,000, gifted £148,500 of property to your father and could now receive 1% of any rent.

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  • Jk2020
    started a topic Stamp duty / Tennents in common

    Stamp duty / Tennents in common

    Hi,

    I'm a first time buyer currently living with parents and looking for a buy to let, for example house worth 150K (in cash)

    I understand i dont need to pay stamp duty (first time buyer)

    I would then like to be tennants in common with my dad, and split it (Dad 99% - Me 1%)

    1) Can a tennants in common be done after a house purchase ?

    2) Will there be any stamp duty implications as my parents already own their home (no mortgage) when i set up tennants in common on my BTL?

    Thanks,




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