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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10798
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I own a Flat for the last 2 years. I recently got married

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I own a Flat for the last 2 years. I recently got married and my husband is in the process of buying his first home on his own. My main residence will still be the Flat as I work near to the Flat and my husband sole residence will be the new house.Will he be considered a first time buyer and only pay stamp duty after the first £300,000? As we both will own the properties solely?

Hi, thanks for your enquiry.

For Stamp Duty purposes, I am afraid that a married couple are seen as one entity, so if one of you already owns a property, the other spouse will not be classed as a first time Buyer.

Furthermore, as you already own a property, your husband will have the enhanced rate of Stamp Duty to pay for his purchase, as he will be treated as owning 2 properties on the day he completes his purchase (ie the property you already own and the property he is to purchase).

I am sorry this is not what you wanted to hear, but it sets out the legal position.

If I have answered your question, I would be grateful if you could rate my answer in the top right hand corner of your screen.

Kind Regards

Al

Customer: replied 6 months ago.
Thank you. In relation to the cost how stamp duty would you pay on £345,000

Hi,

I'm afraid the enhanced rate would mean the Stamp Duty would be £17,600!

Kind Regards

Al

Customer: replied 6 months ago.
Would he still pay an increased rate even if we didn’t live together and my main residence remained at the Flat and his main residence was the new house?I plan on keeping the Flat as my main residence as it is nearer to work?Thank you in advance

Hi, I'm afraid it won't make any difference. In the eyes of the law, you both are classed as "one person" so the enhanced rate will apply wherever each of you intend to live.

If I have assisted, I would be grateful if you could rate my answer.

Thanks

Al

Customer: replied 6 months ago.
Thank you, ***** ***** you rate an answer?

Hi, there should be a section in the top right hand corner of your screen.

Thanks

Al

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Customer: replied 6 months ago.
One last thing, if we decide to go ahead and complete the purchase of my husbands house, I intend to remain living in the Flat and am not renting it out. If I then a year later wanted to sell my flat, would I pay any capital gains tax or would the full purchase price be completely mine?Thanks in advance

Hi, for Capital Gains tax purposes, each person has to select which is their main principal place of residence. So, if the Flat is your main property, no CGT would be payable as and when you sell it.

Thanks for rating my answer.

Kind Regards

Al