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Get rid of ''Second Home'' / Stamp Duty - Help!
graceygirl
Posts: 29 Forumite
My partner and I currently live in rented accommodation in London and are looking to buy soon in London,
He purchased a home in his hometown for a relatively small deposit of £10k and did spend some money doing it up although however was moved to work in London. It is currently rented out on consent to let status.
We are looking to buy a flat in London together but we would be liable for second home stamp duty which is looking likely to add £11,000 on to our stamp duty bill. It seems stupid when the house doesn't have that much invested in it to go through this cost.
What are our options? We have had a few family members interested in taking it off his hands to have as their own BTL but as it currently has tenants in, and we don't want to disturb them we would like to do this as smoothly as possible. My parents suggested they could take it off his hands by taking on a BTL mortgage but I am not even sure who to speak too first? - Tax advisor ? Solitior? Mortgage broker?
Would love to hear your thoughts. We want to make sure this is all done legally so no suggestions of mitigation schemes please.
He purchased a home in his hometown for a relatively small deposit of £10k and did spend some money doing it up although however was moved to work in London. It is currently rented out on consent to let status.
We are looking to buy a flat in London together but we would be liable for second home stamp duty which is looking likely to add £11,000 on to our stamp duty bill. It seems stupid when the house doesn't have that much invested in it to go through this cost.
What are our options? We have had a few family members interested in taking it off his hands to have as their own BTL but as it currently has tenants in, and we don't want to disturb them we would like to do this as smoothly as possible. My parents suggested they could take it off his hands by taking on a BTL mortgage but I am not even sure who to speak too first? - Tax advisor ? Solitior? Mortgage broker?
Would love to hear your thoughts. We want to make sure this is all done legally so no suggestions of mitigation schemes please.
0
Comments
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Mortgage broker, by a clear margin.
He needs someone to help the new "purchaser."
He will need to be off the deeds before completion of the new property purchase to avoid the SDLT surcharge.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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