13:24 PM, 6th June 2016, About 5 years ago
I’m really struggling to understand the SDLT implications for a transaction I have coming up, I hope someone here can enlighten me!
I currently own a property with a friend who I am buying out. My partner will be replacing him on my mortgage. As she owns her own property already I assume the transaction will be subject to the higher rate SDLT (although I have read a few articles that say jointly owned property that involves a transfer of one of the owners is not subject to SDLT if the property is owned equally?)
I understand that her consideration will consist of the amount we pay to my friend to buy him out plus her share of the mortgage debt. If we opt for a 50/50 joint tenants ownership then her consideration will be the amount we pay to my friend plus 50% of the mortgage debt. However, what if we opt for a tenants in common ownership with her owning a minimal share of the property – does this affect her SDLT liability?
Would really appreciate any insight/advice!
Thanks in advance
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Advice and implementation provided by a practising Barrister-At-Law with £10,000,000 of Professional Indemnity InsuranceBook Now
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|