STAMP Duty (Second Home)

Zacser

any further thoughts on this stamp duty issue? How is it impacting some of you?

brit1234

I think the stamp duty change is great, its going to increase supply, reducing landlord purchases, reducing those people renting there own home and buying another. It should hopefully bring down house prices which will be welcomed by most and help the economy.

House hording is a major problem when supply is so short.

Zacser

......ttttt

Brightspark87

Just a little comment - if you can sell your current home within 18 months of buying your new one (so not so long to wait) you can reclaim the additional stamp duty paid.

Might help give you some flexibility.

Pixie5740

Brightspark87 wrote: »

Just a little comment - if you can sell your current home within 18 months of buying your new one (so not so long to wait) you can reclaim the additional stamp duty paid.

Might help give you some flexibility.

Yes but then the OP will lose some of his RTB discount. It will be cheaper for him just to pay his SDLT dues.

sheramber

You will need permission from your lender to let and probably have to change to a buy to let mortgage

dinkylink

Doesn't bother me an awful lot as I already have a btl and wasn't really planning on getting any more.


HOWEVER, my plan is to meet someone and settle down in the not to distant future and if the circumstances had suited I might have kept my existing property I live in to rent out and by a whole new place with my partner.


So the changes have pretty much put paid to that option but to be fair I think that's exactly what they were supposed to do. And I also think it is perhaps unfair to hoard houses in this way so I can see why the government has introduced the changes.

duggan1

Zacser wrote: »

any further thoughts on this stamp duty issue? How is it impacting some of you?

Will cost us the extra 3% if we don't complete on a house purchase by end of March (GF owns the house we currently live in), but other than that I only see it as a good thing.

Making surveyors, solicitors and banks busy though!

tlc678910

Hi Zac,
What struck me from your post is that you (and your girlfriend) have saved 65K with "hard hard work", and you mention a decade of sacrifice and multiple jobs. In recent years you seem to have had a smallish mortgage while you did this.

If you are planning to start a family why not allow yourselves and your kids the chance to benefit from this hard work in the years that matter. They won't be young for long.

I would suggest that you don't commit to a huge mortgage and all that extra stamp duty while planning a child as I think it is very possible that when you have a baby your priorities will shift from maxing out your property portfolio to reducing your work hours to care for them.

I felt very privileged to be able to stay at home with my son for his first 5 years (although money was tight) and now he is at school and I work we use breakfast and after school club twice a week. I wouldn't want him to have to go more than that but many kids have to. You may find one of you wants to stay at home or both of you scale back your hours to spend time with your child and you are in the fortunate position that you could achieve this.

Why not stay where you are to have a baby (they don't need extra space) and then decide what to do going forward when you know how it feels to be a parent and to want to care for your child.

You are in the very fortunate position that you could move in the future to the house you want for a pretty tiny mortgage and have a wonderful work/life balance if that is the life you choose.

Best wishes