Hello.
Just need some clarification please.
If I sell a property to my two children (at, say, £350,000), I understand that as they are both first-time buyers they are eligible for Stamp Duty relief on the first £300,000. I'm not sure about two things.
Firstly, is the relief applicable to both or the house - i.e are they liable for the £300,000 > £350,000 part SDLT or, as they're buying 50% are they really buying at £175,000 each with therefore no liability. I do appreciate it's not a massive bill if they have to pay as it's only 5% on £50,000.
Secondly, how long would they need to have that property as their main registered residence before being allowed to rent it out without falling foul of the relief clause and the Govt clawing it back.
The mortgage is with a private lender happy to lend to either them as homeowners or BTL'ers so no issues on that side.
Thanks for any advice.
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