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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10798
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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My partner and I both own residential property and are going

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My partner and I both own residential property and are going to jointly buy another to live in. I intend to sell mine as soon as we have possession of the new one but she intends to keep hers and let her
brother in law continue to live in it, rent free
. At present she shares the running costs of her property and intends to keep on doing so.
My question is what will our stamp duty liabilities be?

Hi Keith, you will be liable for Stamp Duty at the enhanced rate on your new purchase as you both are not selling your current main residence.

If BOTH of you sell your existing properties within 3 years of completing your purchase, you could claim back the enhanced element of the Stamp Duty you will be paying on your purchase. If your partner intends keeping her existing property for more than 3 years, you won't be able to claim this refund.

If so, the only way of you being entitled to claim back the refund would be if you decide to purchase the property in your sole name and once you have sold your existing property, you could make a claim for the refund.

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

Customer: replied 5 months ago.
Hi Thanks for your reply. May i further ask after the sale is completed am I able to transfer half the property to my partner and get her name on the deeds

Hi, will you be having a Mortgage to finance your purchase? Al

Aston Lawyer and 3 other Law Specialists are ready to help you
Customer: replied 5 months ago.
Thanks for the offer but I will leave things as they are.
I would like to add that I am extremely satisfied with your service
and would recommend it/

Hi Keith, thanks.

To answer your question, if you were had a Mortgage over the property and you transfer half to your partner, she would pay Stamp Duty at the enhanced rate on the sum equating to half the Mortgage amount. This is because for SDLT purposes, your partner would be deemed to be assuming a debt, on which SDLT is payable.

All the best Al