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Buying New House Without Selling Old One...
jsaver
Posts: 36 Forumite
Hoping to get some advice.....
I currently live in my house with my partner. The house is up for sale, but it is a tricky one to sell, and taking some time. There is about £120k outstanding on the mortgage on a house valued > £500k.
We have seen a house we might like to buy, but are stymied because we are not proceedable yet.
In theory on our combined incomes, and with a good sized shared deposit, we could buy the other house with a large mortgage shared between us. We could then wait for the other to sell, or let it.
I assume that as we would be getting a mortgage together, the house would have to be in joint names, meaning an extra 3% SDLT, or is there a way around this.
I understand then that so long as I sold the original property within 3 years, that 3% SDLT could be claimed back?
What, however, is the position on Capital Gains tax when I came to sell the original property?
Thanks in advance........:)
I currently live in my house with my partner. The house is up for sale, but it is a tricky one to sell, and taking some time. There is about £120k outstanding on the mortgage on a house valued > £500k.
We have seen a house we might like to buy, but are stymied because we are not proceedable yet.
In theory on our combined incomes, and with a good sized shared deposit, we could buy the other house with a large mortgage shared between us. We could then wait for the other to sell, or let it.
I assume that as we would be getting a mortgage together, the house would have to be in joint names, meaning an extra 3% SDLT, or is there a way around this.
I understand then that so long as I sold the original property within 3 years, that 3% SDLT could be claimed back?
What, however, is the position on Capital Gains tax when I came to sell the original property?
Thanks in advance........:)
Moving house - more debt - bigger house
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