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Where Taxpayers and Advisers Meet

Sale, Purchase, Remortgage and Transfer

AMUK786
Posts:8
Joined:Fri Sep 25, 2020 10:17 pm
Sale, Purchase, Remortgage and Transfer

Postby AMUK786 » Fri Sep 25, 2020 11:13 pm

Hi All,

I am currently in the process of multiple property transactions and trying to assess the various SDLT taxes that may be due.

I am selling my main residence to purchase another main residence with my wife so the mortgages and deeds will be joint. I also have a BTL leasehold flat only in my name and wish to include my wife in the title deeds / lease and mortgage when I remortgage at the same time as the sale/purchase of main residence. There will be no consideration as there will be no cash exchanging hands on the transfer.

Sale of main residence:
1. Selling Property £525k

Purchase of new main residence:
1. Buying Property £800k

Remortgage of BTL Property:
1. Value £280k
2. Remortgage £210k

Tranfer of BTL Property to joint owners:
1. Leashold premium £1

If I understand correctly I shouldn't be liable for second property SDLT:
1. Replacing Main Residence so SDLT should only be £15k (5% of 325000)
2. Transfer to joint owners premium is £1 and no considiration.

Thoughts?

Thank you advance.

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