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Hi Marianne, provided you are not in a civil partnership, each of you are classed as being independent, and therefore if the purchase proceeds in your partner's sole name, he will just have to pay the standard rate of Stamp Duty as it will be his main and only residence. If the property were transferred into joint names at a later date, Stamp Duty may become payable IF you were paying any consideration to him or if the property is subject to a Mortgage (for Stamp Duty purposes, the consideration will be half of the Mortgage amount, as you will be treated as taking on half the mortgage liability and which amount is classed as consideration. If Stamp Duty is payable, it would be at the enhanced rate. However, if the property is Mortgage free at the date of the transfer and he transfers the property into joint names by way of a gift, no Stamp Duty will be payable. I hope this assists and sets out the legal position. If I have answered your question, I would be grateful if you could rate my answer. Kind Regards Al
Hi, SDLT is payable on the consideration- so, if you were to pay say £150,000 for a half share, you would have SDLT at the enhanced rate to pay on this amount. Hope this clarifies the position. Kind Regards Al
Hi, in this scenario, you would pay SDLT on £50,000 (for half the Mortgage amount) and £50,000 for the cash consideration, meaning you would pay it on the total of £100K. Kind Regards Al
Hi, re-reading my first rely, it should really have said "Stamp Duty would become payable" and not "may become payable" if you paid cash consideration/assumed half of any Mortgage. If you do get married, a married couple are treated as 1 person for SDLT purposes, so you would be in the same position as you are now, and the enhanced rate would be payable provided you still owned your current property. Kind Regards Al