SDLT - definition of "major interest"
To cut a long story short, I'll summarise my situation. Please excuse my lack of legal experience.
My brother wants me to buy his half of our late father's house, for which his share is valued at about 128,000 pounds sterling.
This query relates to whether I should be paying 3% on the whole of my brother's share in our father's house, or whether I should be paying 2% on the value over 125,000 pounds, which is obviously very much less.
I agreed to buy an off-plan apartment in Malaysia in December 2011, for which the developer still holds the master title. The individual strata titles are supposedly forthcoming, but may yet take another two or three more years. In Malaysia, a ten-year wait is not uncommon.
I signed an SPA in 2012, which outlined the delivery and payment schedule, but not other documents have been forthcoming since then. I occupied the property in 2013. I have paid most of the funds for the property, but I still await the deeds, have yet to pay Malaysian Stamp Duty, and any financial transaction (letting, selling, utilities bills) must go through, and be approved by, the developer.
The nub of the matter boils down to this: is my situation with the Malaysian property construed as a "major interest"?
I would accept that, by dint of my residence, and my theoretical ability to undertake financial transactions involving the property (not tested other than by payment of utilities bills), I would presumably be construed as having a "beneficial interest". However, I don't think I have a "legal interest" since, in the event that the developer goes bankrupt before strata titles are issued, I presumably wouldn't have any comeback other than the goodwill of the administrator or the new owners.
Thanks in advance.