Hi,
My friend is planning to buy a commercial property and then convert to a residential. The value of the property is £400,000.
He is planning to buy the property with his wife in a new limited company which he is planning to set up. He was told the Stamp Duty is going to be around £30,000.
He has other 2 buy-to-let properties. His wife has only a residential property jointly owned with him.
This property is sold in an auction with auction conditions.
The property is a commercial property in a residential area.
The properties on the left and right of that property is residential, so he assumes there will not be any issue with planning.
I was wondering what is the best way to reduce the stamp duty?
Is it going to be cheaper to buy the property jointly - he and his wife (not in limited company)?
Or is the Stamp Duty going to be the same whether buying in limited company or joint names?
Thanks