The only tax you'll need to pay when you buy out the funding partners is Stamp Duty Land Tax (often called SDLT, or 'Stamp Duty').

Stamp Duty is a tax paid to the government every time a home is bought. It’s worked out as a percentage of the home’s value.

With Wayhome your property is owned by a Limited Liability Partnership (LLP), which is a partnership between you and our funding partners used to co-own the property.

When you decide to buy out the funding partners the title for your property, which controls who owns the property in law, transfers from the name of the LLP to your name. Transferring the title is a property transaction and this means that you need to pay Stamp Duty on 100% of the property's purchase price even though you own part of the LLP.