Buying Site from brother

[Sully4720]

Hi there, My husband and I intend to buy a site from his brother, it is located beside his house. Do you know if we have to pay Stamp duty? A,lso I presume we have to sell it legally - do we have to have different solicitors and do they charge the same price for selling a site as a house?
Sorry for all the questions we are at the early stages!

 

[mf1]

"My husband and I intend to buy a site from his brother, it is located beside his house. Do you know if we have to pay Stamp duty? "

That depends on the market value of the site. You should check out Revenue Website and specifically Form SD10 to see what if any stamp duty would be paid.

"Also I presume we have to sell it legally "

This is not a bicycle - I assume that at some stage you may wish to build on the site. Do you think the Bank who lend you money would accept your word that you owned it? It does need to be done legally.

"- do we have to have different solicitors and do they charge the same price for selling a site as a house?"

Yes you should have different solicitors. They charge depending on how much work is involved.

Your brother in law may have a Capital Gains Tax issue. Your husband may be able to buy the site in his own name and pay stamp duty if any at half the normal rate.

If you trawl through this website you will find lots of information that will assist you to appreciate what is involved.

mf