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I'm finalising the financial agreement with my wife which is (pensions aside) now agreed and subject to an open letter between solicitors. It's going to take a couple of months to firm up pension split and get a consent order.
The marital home is transferring to my wife. I am in the process of buying a new house.
My solicitor tells me that I will be liable for the higher rate of stamp duty (due to owning 2 houses) unless the marital home formally transfers to my wife before completion.
2 questions:
- Is there any way around this?
- What does 'formally transfers' actually entail, is this just having the consent order agreed or does something else need to happen?
I know that you can reclaim the higher rate if the house transfers after the completion but I would prefer to avoid it if possible.
Thanks.
Replies (1)
Hi Paul, we are unable to answer any questions on stamp duty. You'll need to get tax advice from an expert. I can, however, recommend these two links from the government website that may help:
Stamp Duty Land Tax: transfer ownership of land or property
Find out if you have to pay Stamp Duty Land Tax (SDLT) on transfers of land or property depending on type of transfer, your marital status and other factors.