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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10585
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am tying to buy my ex wife out of our bungalow. I am 58

Resolved Question:

I am tying to buy my ex wife out of our bungalow. I am 58 and told I can get a mortgage. I live in a tied house so would want to rent it out on a buy to let mortgage. As this is my only home do I have to pay the 3% stamp duty? And if so would that be on just the mortgage I take out (£130,000) or on the value of the property (£260,000)
Submitted: 1 month ago.
Category: Law
Expert:  Aston Lawyer replied 1 month ago.

Hi, could you please clarify if you own the "tied house" and a separate bungalow or are you referring to the same property?

Al

Customer: replied 1 month ago.
The tied house I live in does not belong to me. I only own half of the bungalow I'm trying to buy. My ex wife myself own the bungalow outright. The tied house I live in comes with my job which requires me live on site of my employment.
Expert:  Aston Lawyer replied 1 month ago.

Hi,

Thanks for your reply.

Well, as you will only own 1 property on the day you buy out your ex wife, you are only potentially liable to pay the standard rate of Stamp Duty (SDLT).

However, a transaction is exempt from SDLT when a couple divorce, separate or end their civil partnership, and either they:

  • agree to split their property and land between them
  • split the property under the terms of a court order

Hence, you won't have any SDLT to pay!

I hope this assists and if so, I would be grateful if you could rate my answer in the top right hand corner of your screen.

Thanks.

Kind Regards

Al

Customer: replied 1 month ago.
Hi thanks for your reply, just to clarify I won't have to pay SDLT on a buy to let mortgage?
Expert:  Aston Lawyer replied 1 month ago.

As the property is being transferred to you in connection with the divorce, you won't have to pay any SDLT.

Kind Regards

Al

Expert:  Aston Lawyer replied 1 month ago.

Hi, if I have assisted, I would be grateful if you could rate my answer. Thanks Al

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