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Hi, I am one of the experts. I will come back to you little latter Plz bear with me.
Is that alright I reply back tomorrow to you because I think I will stay busy until late?
Thank you and i will get back asap.
Thank you for your patience. Now, first of all, you are buying this property from all other beneficiaries. So altogether figure is £224k (280k - 56k) that you are buying out.
Now 125k + 99k = £224k,
1) for first, £125k, it is 0% payable.
2) for next 99k, you need to pay 2% = £1980
3) since it is your second home so you will pay an additional 3% on all of the value of £224, so 3% * 224k = £6720
Total SDLT in this example above is £8700 (1980+6720).
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Ok in that case. If 40% is yours already. Then, 168k is the value in question.
2) for next 43k, you need to pay 2% = £860
3) since it is your second home so you will pay an additional 3% on all of the value of £168, so 3% * 168k = £5040
Total SDLT in this example above is £5900 (860+5040).
Please keep rates in mind and you can reach to the SDLT figure as an estimate.
Is your question answered now?