• Transfer Of Equity And SDLT

    By Guest on 29th Jun 2016

    I am in the process of buying a first property to be used as main residence. However I also own 25% share (valued at £60k) in a property inherited over 3 years ago. Sister owns a further 25% in same property.
    In order to mitigate the additional 3% stamp duty rate on new purchase, i would propose to sell 10% share to sister so that she owns 35% (valued at £84k) and I own 15% (valued at £36k).
    Could you confirm this would be an acceptable proposal and would this be done by means of a Transfer of Equity form TR1. Thanks

  • 1 Answers

    By Guest on 03/07/2016

    Check with your solicitor or with HMRC but I don't think you have a problem. If you inherit less 50% of a property and if you inherited it before last October you are not caught by the new higher rates irrespective of the value of your interest.

  • Post Your Answer


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

Ask a Question

Search