I have recently bought my first property (in Oct 16) for £50,000 with the intention of buy to let.
I have seen another house that I want to buy to let and want to give the house I bought in Oct to my sis in law as a gift. My sis in law already has 2 buy to let properties on her name and adding the Oct purchase would make it 3. Which would leave me with only one that I am considering buying.
There are no mortgages involved in any of the properties (me or my sis in law).
What are Stamp Duty implications for me and my sister?
My understanding is I would pay stamp duty at 3% on the new purchase, but should be able to reclaim once I have transferred the property to my sister in law.
Sis in law implication: My understanding is that because she is receiving a gift she wouldn’t pay stamp duty even thought this would be her 3rd property.
Can you please help and confirm.