Purchasing inherited house

[LondonBased]

My fathers house is split equally 50% between me and my sister. After paying our inheritance tax bill I am looking to buy out my sister for the remaining 50%. When doing this do I pay stamp duty on just the 50% I am purchasing as 50% will already be in my name? Thanks

[Lee Young]

Yes. You don't need to buy the half you already own.

[LondonBased]

Thanks. I am selling my house to carry this out but also own a second property which i rent. Does this mean I pay the higher rate of stamp duty.

[bd6759]

The higher rate does not apply if you are replacing your main residence. If you still own your previous residence at the time of purchase, the higher rate applies, but can be reclaimed once the previous residence is sold.