Stamp Duty

stu2500

Hi, apologies as I know this will have been answered before, but I need someones assistance to clear this up for me.

Myself and my girlfriend are currently saving our deposit for a house. She owns a flat (her main residence), we will be purchasing a house for circa £130k and then renting her's out as a buy to let.

Will we have to pay the new higher rate of Stamp Duty, Ie. 3-5% on the new purchase price?

Thanks for your help.

muhandis

Yes, if she intends to retain ownership of the first flat. The only ways to avoid is if she intends to sell the flat within 3 years or you buy the house in your sole name.

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Q. What if I already own a property, but I'm buying with someone who doesn’t?

A. Unfortunately, even if just one of you already owns a home (whether you are living in it or not), when you go to buy another one together, the 3% Stamp Duty surcharge is likely to apply to the whole transaction.

Read more at http://www.zoopla.co.uk/discover/buying/q-a-new-3-stamp-duty-surcharges/#IXfDlHvJspz1xz0P.99

stu2500 wrote: »

Hi, apologies as I know this will have been answered before, but I need someones assistance to clear this up for me.

Myself and my girlfriend are currently saving our deposit for a house. She owns a flat (her main residence), we will be purchasing a house for circa £130k and then renting her's out as a buy to let.

Will we have to pay the new higher rate of Stamp Duty, Ie. 3-5% on the new purchase price?

Thanks for your help.

stu2500

Thank you, I was confused with the wording and wanted to confirm. I appreciate your help.

TrickyDicky101

muhandis wrote: »

Yes, if she intends to retain ownership of the first flat. The only ways to avoid is if she intends to sell the flat within 3 years or you buy the house in your sole name.
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Just to clarify this point muhandis made, you still need to pay the additional SDLT - it's just you can then reclaim it if you sell the original primary residence within 3 years.