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Selling second home to buy new main residence
Ignore above post as for some reason bits are missing; will repost shortly.
Re: Selling second home to buy new main residence
You and your wife are to make a joint purchase of a dwelling which you each intend to be presumably your main residence.
Assume the Brighton flat owned only by wife is sold prior to acquisition of new joint purchase.
It seems strongly arguable that the London flat owned by you is the main (albeit not sole) residence of yourself and your wife from October 2016.
Unlike for CGT purposes there is as far as I am aware no requirement for a married couple to possess only one residence.However, for the 3% SDLT charge not to apply the dwelling sold (Brighton) must have been the residence of each of the joint purchasers which it appears was not the case.
In which case the 3% SDLT charge should apply.
One option would be to sell the London flat (as already suggested above).
Although I have reservations consideration might be given to selling Brighton and for the wife to purchase the new property herself. If the latter is not possible due to, for example, mortgage requirements then you can both appear on the mortgage and thus (of necessity) would then need to hold the legal title jointly but you could both then execute a declaration of trust under which she would own 100% of the beneficial interest.
Assume the Brighton flat owned only by wife is sold prior to acquisition of new joint purchase.
It seems strongly arguable that the London flat owned by you is the main (albeit not sole) residence of yourself and your wife from October 2016.
Unlike for CGT purposes there is as far as I am aware no requirement for a married couple to possess only one residence.However, for the 3% SDLT charge not to apply the dwelling sold (Brighton) must have been the residence of each of the joint purchasers which it appears was not the case.
In which case the 3% SDLT charge should apply.
One option would be to sell the London flat (as already suggested above).
Although I have reservations consideration might be given to selling Brighton and for the wife to purchase the new property herself. If the latter is not possible due to, for example, mortgage requirements then you can both appear on the mortgage and thus (of necessity) would then need to hold the legal title jointly but you could both then execute a declaration of trust under which she would own 100% of the beneficial interest.
