SDLT disposing of share of property

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    SDLT disposing of share of property

    Would the following situation trigger the higher rate of SDLT?

    Own 2 buy to let's. Own a 1% share in a property which is my main residence (share is worth less than £40k). Move out and buy an only residence and dispose of the share at same time (sole ownership). The share to be gifted to the other resident/owner of the property (who remains living there).

    What sort of costs are associated with transferring shares of a property?

    If you already own 2 BTL properties in your name, whatever residential property you buy will be subject higher rate SDLT. But if you move out of your existing main residence and move into the purchased new property , you may be able to claim a refund of extra 3% within 36 months from date of purchase if you can prove it is your main residence.

    If you gift a share ( worth less than 40K ) in a property (without mortgage ) to the other joint owner, there is no SDLT to pay by recipient .

    If the property title holders are registered as tenants in common holding 1% and 99%, you can ask for quotations from 3 conveyancing firms who should tell you if such transfer is simple or not .


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