Extra 3% causing a headache

[MKELLY3]

Hi,

Wonder if you could help get things straight for us?

We are currently renting & wanting to buy our main residence. We have owned our own house before but sold 5 years ago.

We also have a house we rent out & own with my brother-in law and his wife so all have 25% share each we have had this for 10 years and have never lived it in, its market value is only approx 35-40k

Would we be liable for the extra 3%

Regards

Marie

[maths]

On the basis you intend to occupy the new property purchase as your only/main residence and you purchase on or before 25 November 2018 then the 3% charge will not apply.

[MKELLY3]

Thank you I have spoken with 3 different solicitors now 2 say I would have to pay one says not, I think I will go with the one that agrees with me

[maths]

Where a solicitor advises that the 3% is payable simply ask him/her for their legislative authority.

[cs95tdg]

On the basis you intend to occupy the new property purchase as your only/main residence and you purchase on or before 25 November 2018 then the 3% charge will not apply.

I've been reading the information published under the gov website in order to understand what SDLT I would be liable to pay depending on the option chosen. https://www.gov.uk/guidance/stamp-duty- ... l-property

The 3 options I'm contemplating are listed under the CGT forum topic below.

http://www.taxationweb.co.uk/forum/indi ... 51235.html

Reading your advice here, am I correct in understanding that if my sister & I decide to rent the property I currently reside in (jointly owned - title deed) as my main residence, I would not be liable to pay the additional 3% SDLT if I purchase & move into my new main residence (even though I would be listed on two title deeds) ? This in effect would be a change in main residence for me.

[bd6759]

Reading your advice here, am I correct in understanding that if my sister & I decide to rent the property I currently reside in (jointly owned - title deed) as my main residence, I would not be liable to pay the additional 3% SDLT if I purchase & move into my new main residence (even though I would be listed on two title deeds) ? This in effect would be a change in main residence for me.

1. Do not hijack another thread
2. Do not expect contributors to go searching another thread for information that might spply to you
3. No you are not correct. If you are not disposing of your previous residence, the 3% will apply.

[cs95tdg]

Reading your advice here, am I correct in understanding that if my sister & I decide to rent the property I currently reside in (jointly owned - title deed) as my main residence, I would not be liable to pay the additional 3% SDLT if I purchase & move into my new main residence (even though I would be listed on two title deeds) ? This in effect would be a change in main residence for me.

1. Do not hijack another thread
2. Do not expect contributors to go searching another thread for information that might spply to you
3. No you are not correct. If you are not disposing of your previous residence, the 3% will apply.

Apologies, I did not intend to hijack this thread, but thought the question was quite similar to what I had, so raised it here. I will make sure I create a separate topic for any future questions. I realise now that the link I included to my original post wasn't hyperlinked (Am new to this forum so again can only apologise). Appreciate you correcting my interpretation.