Stamp duty on second home.

Ultrasounduk

Me and my partner are in the process of applying for a mortgage for a new home together.
My partner currently own her own property and I am a first time buyer.
We are looking to purchase a new house together, myself being a first time buyer.
It is our intention to sell her house, which is currently on the market.
However our dream house is currently available to buy.
If we were to buy this property with a joint mortgage how does stamp duty apply to us and what rate would be have to pay whilst she still owns her own properly.
Any help would be greatly appreciated.

TrickyDicky101

Assuming dream house costs more than £40k then you would need to pay the additional rate of SDLT of 3% (in addition to any normal rate of SDLT payable) should your partner still own her existing property. However, should the existing property be sold within 3 years of purchase of the dream house, she could reclaim the additional 3% back.

stampdutystumped

Hi there

I am in a similar position though I am aiming to keep my original flat and change it to a buy to let then buy a second place to move into. Would I pay the additional stamp duty of 3% on top of standard rates on the new property? And if yes would this be refundable if we sold this new property within 3 years?

Also, do banks often let you add stamp duty costs into your mortgage? I've heard it's possible

Thanks

poppy10_2

stampdutystumped wrote: »

I am in a similar position though I am aiming to keep my original flat and change it to a buy to let then buy a second place to move into. Would I pay the additional stamp duty of 3% on top of standard rates on the new property?

Yes

stampdutystumped wrote: »

And if yes would this be refundable if we sold this new property within 3 years?

No. Only if you sold your original property within three years of buying the new one

stampdutystumped wrote: »

Also, do banks often let you add stamp duty costs into your mortgage?

No, never

chanz4

been a landlord aint fun, we are accidental ones and not as rosey as you think

brit1234

chanz4 wrote: »

been a landlord aint fun, we are accidental ones and not as rosey as you think

Especially with all the tax changes that have come in or are coming in tomorrow. Hence why a lot of landlords are selling up or being pushed into higher tax brackets and losing child benefit.