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Stamp Duty confusion
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Ywoods
Posts: 2 Newbie
OK so I live in a flat and my mortgage will be paid off next December.
My thought is to remortgage on a buy to let and use that equity as a deposit for a house to live in.
I am beyond confused about the stamp duty rules now. The house that I am going to buy will be my main residence, with the flat ceasing to be my main residence when I remortgage it and move out. There may be a slight delay between the 2 transactions, the new purchase happening a tad later depending on if I have found my new house by the time I have the remortgage through.
I hope I have explained myself OK, but please ask if I haven't
My thought is to remortgage on a buy to let and use that equity as a deposit for a house to live in.
I am beyond confused about the stamp duty rules now. The house that I am going to buy will be my main residence, with the flat ceasing to be my main residence when I remortgage it and move out. There may be a slight delay between the 2 transactions, the new purchase happening a tad later depending on if I have found my new house by the time I have the remortgage through.
I hope I have explained myself OK, but please ask if I haven't
0
Comments
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I'm not sure what's confusing. The new rules are quite clear, you will have to pay the additional 3% SDLT when you purchase the next property.
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/509184/GuidanceNote_Final.pdf
Edit: A simple of way of thinking about it is how many properties will you have at the start of the transaction? (1) How many properties will you have at the end of the transaction? (2) Therefore the additional SDLT will be due.0 -
You'll be buying a second property. The fact the new one will be your main residence is irrelevant. You'll need to pay the extra.0
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Thanks for your replies, I kind of thought it was too good to be true, someone gave me slightly misguided information.0
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