buy-to-let, first time buyer, stamp duty, scotland

jhebus

Hi there,

I am trying to find out exactly in what cases the new stampduty surcharge applies in Scotland, particular for buy-to-let properties.

I currently have no/have never had property and will be moving around for some years, therefore i would like to buy a property to rent out and do something with my deposit. I will be going for a buy to let mortgage.

I am looking at a property of about £150,000.

I am asking the question as some articles are saying that i am, and other are saying that if you only have 1 property at the end of the day, then you are not liable.

In this situation, i am liable for the extra 3% stamp duty?

Thanks!

agrinnall

No, 1 property = no extra. Despite what you may read it is not a tax on BTL properties but on ownership of >1 properties.

marksoton

Given your circumstance i'd say securing a BTL mortgage and becoming a LL should be of more concern....

theartfullodger

And you know about the upcoming changes to lettings in the Private Housing (Tenancies) (Scotland) Bill 2015 ??
http://www.landlordzone.co.uk/forums/showthread.php?73142-The-Private-Housing-(Tenancies)-(Scotland)-Bill-2015-completes-Holyrood-process

jhebus

Thanks! More money in my pocket!

jhebus

from the bank side, all is good, and was going to get an agent to manage the property while away.

jhebus

I had seen these, and to be honest, they seem relatively fair on the tenant. (having been one for a while I do agree with these).

However, I do understand the implications on rental income. TBH the area I am a looking at has a very high demand for "young professional" lets, so should be ok.

theartfullodger

jhebus wrote: »

I had seen these, and to be honest, they seem relatively fair on the tenant. (having been one for a while I do agree with these).

However, I do understand the implications on rental income. TBH the area I am a looking at has a very high demand for "young professional" lets, so should be ok.

Aye, right:

So none of them will ever turn out to be "difficult" and you'll never want to evict any .....

jhebus

So, i am looking into the full description of the new rules (so don't know it all yet), but there would certainly still seem to be provision for such a course of action.

agrinnall

jhebus wrote: »

So, i am looking into the full description of the new rules (so don't know it all yet), but there would certainly still seem to be provision for such a course of action.

What course of action? Your posts are not easy to comprehend, and I'm starting to think this BTL is never going to happen.

jhebus

Hey all,

Thanks for the responses. I have the key information that i need now: stamp duty extra cahrge only applies if there is more than 1 property owned.

Thank you