Stamp duty for sort-of first first-time buyer

scopes · 7 October 2017 at 6:05PM

Some years ago I bought a buy-to-let in Leeds (I was abroad and not living in the UK)
I have been living in London for 4 years now, paying high rent and unable to afford my own place. But I should have a deposit for something below the 250k threshold by December. However, I realise that I cant be classified as a "first time buyer" but if I dont have a main home or residence, does that count? I have heard that if I sell the buy to let within 3 years, I could be exempt but I am hardly moving out of my home as such.. I would love to sell the Buy to let property but it has lost a lot of its value and I am not sure it would be easy to sell, and I'll likely no profit made at the end.

_CC_ · 7 October 2017 at 7:08PM

If you keep your BTL flat then you'll be liable for the higher rate of stamp duty when buying your new main property.

As the flat isn't your main home you won't be eligible for a refund if you sold it within three years.

amnblog · 7 October 2017 at 9:40PM

As above. You are not moving home so you will pay the 3% extra

scopes · 7 October 2017 at 9:50PM

Thanks so much for the replies

Would it help to get rid of the buy-to-let? Or does it count as a first property indefinitely?

davidmcn · 7 October 2017 at 10:13PM

It's nothing to do with being a first time buyer, it's how many properties you currently own. So yes, selling your current one will bring you back down to normal SDLT rates.

Stamp duty for sort-of first first-time buyer

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