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Stamp Duty for second home
tammyhgill
Posts: 2 Newbie
I am currently applying for a joint mortgage with my partner, for a house (purchase price 140k) but I currently have a solo residential mortgage (consent to buy - rented out, initial purchase price was 81k, though not worth this much now!) I'm trying to work out what stamp duty we will need to pay.
Am I right in thinking it will be 3% of the 81k PLUS (3% of 125k, 5% on remaining 15k)?
If so, this is a lot of money to find! I have negative equity in my first property, so it's not like I can sell it yet
Thanks for any help
Am I right in thinking it will be 3% of the 81k PLUS (3% of 125k, 5% on remaining 15k)?
If so, this is a lot of money to find! I have negative equity in my first property, so it's not like I can sell it yet
Thanks for any help
0
Comments
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The amount of SDLT due will be based on the purchase price of £140k. The fact you already own another property which you won't be selling means the additional 3% will also be due. That's an additional 3% on the £140k purchase price not whatever it was you paid for the first property. In total your SDLT bill will be £4,500.
http://www.moneysavingexpert.com/mortgages/stamp-duty0 -
Brilliant. Thank you. Better start saving!!0
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The stamp duty will need to be in your solicitor's account before they draw down the mortgage from the bank. No stamp duty = no mortgage advance."Real knowledge is to know the extent of one's ignorance" - Confucius0
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