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stamp duty question... help!?
JW123456789
Posts: 5 Forumite
Hi i was wondering if anyone could help me.
my other half owns 3 properties (mortgage free) that he rents out and is currently living with his parents so we can save money to buy a house together.
As he has no main resident and is buying his main resident and not a second home will we still have to pay the higher stamp duty rate and if so why?
my other half owns 3 properties (mortgage free) that he rents out and is currently living with his parents so we can save money to buy a house together.
As he has no main resident and is buying his main resident and not a second home will we still have to pay the higher stamp duty rate and if so why?
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Comments
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Yes as your other half owns 3 other properties and you will be buying this new property together. The stamp duty legislation is designed to deter multiple home ownership so first time buyers get more chance.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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yes, the exception made is where you replace a main residence, not where you add to an already extensive property portfolio by buying one for the first time
very clearly explained in the guide if you bother to read it
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/509184/GuidanceNote_Final.pdf0 -
JW123456789 wrote: »Hi i was wondering if anyone could help me.
my other half owns 3 properties (mortgage free) that he rents out and is currently living with his parents so we can save money to buy a house together.
As he has no main resident and is buying his main resident and not a second home will we still have to pay the higher stamp duty rate and if so why?
You could move out of his parents home and into one of the three properties he owns. That wouldn't cost you anything and you wouldn't have any mortgage payment to make.
Once you've lived in that property for a few years making it your primary residence you could sell it and move into a property you buy together and not pay any additional SDLT.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
I should bl00dy hope so owning 3 properties!0
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As he has no main resident and is buying his main resident and not a second home
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True its not second, he's buying a fourth !!!!
That's "why" !0 -
Thanks for your comments however rude they are.
i had read the explanation however i didn't feel it was clear enough and wanted to check. Our solicitor also wants 100% and has gone away to check to.
The other properties are to small and wouldn't fit myself and my children in and that is why we are buying another one.0 -
I would give consideration to finding another solicitor.0
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JW123456789 wrote: »Thanks for your comments however rude they are.
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I don't believe anyone's been rude. They're just amazed that anyone could conceive that these rules shouldn't apply to someone with three current properties in the scenario you give.0 -
JW123456789 wrote: »Thanks for your comments however rude they are.
i had read the explanation however i didn't feel it was clear enough and wanted to check. Our solicitor also wants 100% and has gone away to check to.
The other properties are to small and wouldn't fit myself and my children in and that is why we are buying another one.
It's quite clear
from https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties
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And if the solicitor can't follow that, what on earth else are they likely to mess up ?
Ps that's the old diagram. It's 36 months now. Not that that matters to the OP.0
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