Ask an Property Solicitor. Get an Answer ASAP.
Hello and thank you for your question. My name is ***** ***** I will be very pleased to assist you. I'm a practising lawyer in England with over 15 years’ experience. Please be aware that although I will endeavour to reply to you promptly, I am also in full time private practice and so I may not be available to respond immediately and it may also take me a few minutes to prepare a reply. The site will notify you as soon as I respond. I look forward to working with you to answer your question fully.
thank you. So from what you say, you will also presumably be joint legal owners of the property. do you believe your financial interest in that property would amount to more than £40,000 please?
I'm following up on the above. Without some further information from you as above, I am limited in what I can say on the matter but in the hope it is helpful nonetheless, I will provide you with the following broad answer. If you are able to kindly provide me with the above further information or if you have any further questions generally, I will be delighted to expand on the following - please just reply back to me in this case:
Notwithstanding the above, in general terms the requirements in respect of avoiding the second home charge for SDLT is that at the time you purchase a new property, you must not own another interest in a residential property worth more than £40,000. however, if you do own such ann interest, you will still not be liable for the 3% surcharge if in buying a new property, you are replacing your main residence. Accordingly, on the basis that you are selling your main residence and buying a new one in replacement, you would not be liable for the 3% surcharge despite potentially owning another interest in a property which is not your main residence which may be worth more than £40,000
I hope the above is of some assistance but if you have any further questions, please revert to me