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catsrcool | 20:08 Tue 25th Oct 2016 | Property

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My wife has been made the owner of 50% of a property. Iam the sole owner of the house we are living in. If I buy a house for £250,000 and I put us down as joint owners it seems I will have to pay £10000 in stamp duty because it will be considered a second property as far as my wife is concerned. The first £125,000 @3% and the balance @5%. If I buy it in my name only I will pay 0% on the first £125,000 and 2% on the rest = £2500.
If I have got the above right how would you proceed if you wanted to put your partner on the deeds later on? And how long would I have to wait before I did it to avoid paying the extra £7500? Any advise or suggestions please.

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bednobs

why wouldn't it be second home for you too? I am confused?

catsrcool

Question Author

The 50% share in the other property has nothing to do with me.

bhg481

Perhaps catsrcool is thinking of moving house, so he will own the new one INSTEAD of his current one.

bednobs

sorry i never thought of that - duh!
you don't own a property together now, so what is prompting you to make your nrext property a joint one. Why not just avoid the problem altogether and (if its a replacement for your current home) nd just buy it yoursef?

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