• Can I Transfer Equity And Purchase A New Property At The Same Time?

    By Guest on 27th Mar 2017

    I currently owe 32000 on my house we are in. It is in my sole name and would like to transfer half the equity to my partner, it is valued at 72000, so we would both own less than 40k. We have seen a house for 85k we want to move into as main residence, and an offer of 85 has been accepted. Can I do both things at once so n the day of closing I don't own more than 40k share in one house, so therefore avoiding SDLT?

  • 1 Answers

    By Guest on 28/03/2017

    Yes you can provided your current lender consents and provided you are not married. Incidentally the transfer of equity doesn't have to complete on the same day as the purchase, it could complete earlier. Speak to your solicitor about your plans before you instruct them as there is a general lack of understanding of the new rules which can lead to some firms refusing to proceed in a situation like this.

  • Post Your Answer


  • Do you want to be informed of further comments / replies? Yes No

Ask a Question

Search