Stamp duty – First property in joint names?Make Text Bigger
We currently live in a home worth £95000 and we intend to rent this out and purchase a home for £165000.
We don’t own any other property. Does anyone know how much Stamp Duty we have to pay on our new home as we are getting conflicting answers?
The new mortgage will be the first time my wife and I are named on the same mortgage as our first property was in my name only?
Higher rates for additional properties
You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.
Use the SDLT calculator to work out how much tax you’ll pay.
You must pay the higher SDLT rates when you buy a residential property (or a part of one) for £40,000 or more, if all the following apply:
- it will not be the only residential property worth £40,000 or more that you own (or part own) anywhere in the world
- you have not sold or given away your previous main home
- no one else has a lease on it which has more than 21 years left to run
Who the higher rates apply to
You may have to pay the higher rates even if you intend to live in the property you’re buying (and regardless of whether or not you already own a residential property).
This is because the rules do not apply only to you (the buyer), but also to anyone you’re married to or buying with.
If you’re married or in a civil partnership
The rules apply to you both as if you were buying the property together, even if you’re not.
If either of you individually have to pay the higher rates, you must pay the higher rates for the transaction as a whole (unless you’re permanently separated).
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