Stamp duty - buying into DP's property

[ronswansonstache]

I am looking to buy into a share of DPs property (1/3) and have been struggling to find advice online about the stamp duty liability. We'd be tenants in common with an agreement covering our respective shares

Presumably I would be liable for stamp duty for the transaction and potentially at the higher rate as I currently own a property (a former home) that I rent out.

Am I right in thinking my stamp duty liability would just cover my share (in the region of £200k) or the entire value (around £600k) of the property?

Could anyone who has bought into their partners property advise on the stamp duty situation?

It would just be your share but your solicitor should be able to advise you on exact amounts. Bear in mind if you do it before march you will only have to pay the 3% surcharge not the full amount of stamp duty (so around 6k).

Does he have a mortgage? If so your SDLT liability will be for half the mortgage debt.

If not it will be for the consideration you give, so the value of a third as you’ve said.

Stamp duty is payable on transfer of equity and on assuming a mortgage liability.