Sam

Registered with Property118.com
Friday 23rd February 2018


Latest Comments

Total Number of Property118 Comments: 3

Sam

7:10 AM, 26th September 2019
About 7 months ago

Should I sell or risk tenants buying at undervalue price?

What would be the impact on HMOs? Will labour want us to sell room by room ? 😀

For now, let’s ensure Labour does not come into power!... Read More

Sam

19:56 PM, 27th March 2018
About 2 years ago

What is a Partnership?

Reply to the comment left by Mark Alexander at 27/03/2018 - 07:50
Thanks Mark, I will arrange an appointment soon but first I need to add my wife to this property.
I reached out to HMRC and below is the response from them and based on that I think that £125K without SDTL is not an option. I will have to pay SDTL at 3% up till £125K and then 5% up till £250K.

Transfers between spouses are usually exempt from the higher rates of SDLT although such transfers are usually liable to SDLT at the standard rates. Examples include straightforward transfers from one spouse to answer, say a whole BTL; and transfers of part of, say, a holiday home; and transfers where the arrangement results in both spouses acquiring a new interest in property formerly owned by only one spouse.
The only substantial restriction is that relief does not apply where there is more than one buyer [one of whom is not as spouse] or more than one seller [one of whom is not a spouse]. For example, relief would not be allowed where an interest owned by a wife and her otherwise unrelated business partner is transferred to her husband.

Let me know if i understood this incorrectly.
Thanks.... Read More

Sam

21:36 PM, 26th March 2018
About 2 years ago

What is a Partnership?

Reply to the comment left by Mark Alexander at 05/01/2018 - 19:51
Hi Mark, I have a small portfolio of properties which are in joint names with my wife except for one property which is soley in my name. I wish to give 50% beneficial interest (not legal) to my wife via DOT in order to achieve future partnership status with a view to incorporate in the future. The issue with 50% beneficial transfer is SDLT as the property has a mortgage. If I transfer 15% of mortgage consideration which is below £40K threshold, I could avoid SDLT. Would this work for partnership return to HMRC or I need to transfer a bigger interest ?... Read More