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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 2447
Experience:  Over 5 years in practice.
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Please help me. I am purchasing a London flat for £310,000

Customer Question

Please help me. I am purchasing a London flat for £310,000 with my partner. I will own 99%, he will own 1% share. He already has 2 properties in St Albans. He will not be selling either properties. One is a buy to let. I have no other property apart from the new purchase. How much Stamp Duty shall we pay? How is the Stamp Duty calculated.
Neither my solicitor or broker know the answer!
Help.
Thanks so very much.
Caroline
Submitted: 1 year ago.
Category: Property Law
Customer: replied 1 year ago.
We are yet to decide what will happen to his home in St Albans. But the other is a buy to let. We are not married.
Expert:  Harris replied 1 year ago.

Hi, thank you for your question. Is the property a new residential leasehold or are you purchasing from an existing owner?

Customer: replied 1 year ago.
I already live there on Shared Ownership scheme 50/50 ownership with Housing Association. We will be buying the rest of the 50% to own 100% share of the apartment.
Expert:  Harris replied 1 year ago.

Thank you for confirming. Stamp duty on staircasing is slightly complicated. As you are staircasing to 100% there will be stamp duty to pay - but please confirm how much you are paying to staircase to 100% and what the market value of the property is now?