David Forrest

Registered with Property118.com
Thursday 20th October 2016

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Total Number of Property118 Comments: 1

David Forrest

10:38 AM, 21st October 2016
About 4 years ago

Stamp Duty on second property workaround?

Reply to the comment left by "Mark Alexander" at "21/10/2016 - 08:31":

Mark, John, Adrian,

Firstly many many thanks for your responses. I will attempt to answer your points but at present this idea is in its infancy so I do not have a particular property in mind.

Mark, in terms of mortgage we would be looking to buy outright most likely so the mortgage 'issues' should go away. We would probably be looking at around the £80 -120K sort of price range to achieve this.

John my sister is a teacher for forces schools. In this respect I believe she is employed solely by 'the forces' as opposed to some contracted company, so the 'favourable' outlook that lenders would have would seem likely to hold if we did want to look at going down the mortgage route.

Adrain, point taken about declaration of trust. As always in these situations you never know what may happen in the future.

It is the declaration of trust and the solicitors contract Mark mentions that raises the most uncertainty with me.

"To secure your own interests in the property you could ask your solicitor to draft a Declaration of Trust to recognise your percentage of ownership and register a caution with HM Land Registry on that basis."

If I was to do this aren't we essentially saying the property is jointly owned and then by doing this am I not then entering into owning a second property with the stamp duty 'problem' I am trying to avoid.... Read More