To ask how to avoid 2nd home rate stamp duty

[Stampdutywoes]

Hear me out before you attack.

Currently living in rental property after splitting with ex partner. We own the home he is living in jointly.
The landlord of my rental wants to sell and I would like to buy it but the additional 5% stamp duty rate for what would count as a second home is a killer.
Are there any conveyancing solicitors who could advise on how to avoid (not evade) this extra 5%?

Have you never bought a house? I mean think about it, you’re buying something worth hundreds of thousands of pounds, don’t you think it would be a good idea to hold this in your actual name? Dont you think a mortgage provider might check? Or a solicitor? Land registry? Do you think the only Professional people involved in transferring the ownership of a house are the estate agents?

OP, I'm glad you're finding it funny but you're already facing a potential CGT bill as you won't benefit from PRR for the period that you haven't been living in the house you co-own. You really need to take some professional advice as soon as possible before you get into even more of a mess.

You can’t make up one house from bits of houses to make a whole house, half a house here and half a house there And say it makes only one whole house!!
you already own one residential home, regardless of if you live in it, you own or part own it and can live in it if you wish. You now want to buy a second home… you will then have two properties that you own or part own and can live in if you want to.
unless you relinquish your interest in the first property, then however you look at it, the second property is a second property that you both now own and could live in.
you both have now two properties. Legally either of you could live in the first, second, together or separately.
if the law allowed for this then people could buy second properties, such as a holiday home and say one of them is living in it, but not actually live in it.
how would anyone know? You could buy this second property and on the day of purchase decide to go and live in your old house and get back together with your ex. So there can’t be a special law for your circumstances or everyone who wanted a second property would just do this.

Is it you again Angela!!!!

Well it sounds as though you'll have to pay the stamp duty.

Thanks @Honeypickle, I suspected as much from my own research but was still worth asking the question. I’ll concentrate on getting the property for a good price to mitigate the extra stamp duty. I think I’m in a strong position because the owner will prefer a quick cash sale rather than trying to sell it with a tenant or having to wait until I’ve served notice.

Impossible. My partner is selling a house Yiu have to show all sorts of ID.

It was an honest mistake Guv 😀

Part ownership is still ownership.

I thought you were on the wind up before but I think the poster who said you aren't actually splitting and are pretending in order to get around the law up had it. I guess splitting up didn't work for Cathy and Heathcliff...

It's different. If one of you marries, the new partner on divorce could have a claim in both houses, if one of you dies both properties will be part of the dead persons will , second stamp duty and capital gains tax implications. If you fall out and one of you refuses the house sale. So many issues. If the only issue for buying you out of property 1 and buying property 2 in your own name is that the valuation would be some effort it seems like madness

People are trying to help you and getting attacked in the process. Hilarious!

Oh, it made sense to me waaay before that. I figured there would be 'numbers' like this involved.
How the rich stay rich!

TLDR. Are you married? Married couples can only have one PPR, so another property is a second home and is liable to second home taxes, they have to have the same PPR. Un married people who have more than one home can nominate which one is their PPR. If not married no problem.

Stamps feet. No fair 🥲

It should apply to those wealthy holiday home owners, not hardworking decent folk like us

Surely you didn't actually think they were being serious

Not many trying to help me

LOL.

Tax solicitor here: agree with the other lawyers who responded, no, not possible.

As you say, you can negotiate a lower price to mitigate the extra SDLT. The CGT position may be a bit complicated when you come to sell the properties as you can only claim PPR on one and you’ll have limited time to make an election on which property, though I suppose the more expensive one or the one that may increase most in value makes sense.

I’m not sure from an interpersonal perspective whether buying another property with your ex is the most straightforward thing you could do and would urge you to consider the potential pitfalls of this very carefully. But it’s your money!

If the first property is really worth £2 million you may also be jointly responsible for the new property taxes for expensive homes even though you don't live there

The OP or didntlikeanyofthesuggestions?

Legal advice IRL specific to your circumstances is the best option.
I can't think of a way to avoid paying the stamp duty surcharge if you own 2 properties. It seems its easy to fall victim to thinking you can as Angela Raynor found out.

No they are both going to own half of each house 😵‍💫

Yes good move, a nice price discount when you buy should cushion the tax hit a bit.

Then the house worth a couple of million needs to be sold and the proceeds split so you both by a smaller property with your share.