Help! Second property and London stamp duty

lovinituk

MICKEY88 wrote: »

I thought you meant in cash not mortgage?

It doesn't need to be cash. Your ex needs a mortgage that is enough to cover the existing mortgage plus enough to pay you whatever amount you both agree is your fair share.

Probably best to speak to an IFA.

saajan_12

If you end up with two properties, you will have to pay the extra 3% stamp duty on the entire amount of the new purchase (not just your 'share').
1. Only current partner buys London property
2. Ex buys out Plymouth property (by raising mortgage to clear the current mortgage balance + and equity you expect to be paid)
3. You and ex sell Plymouth property to a landlord with tenants in situ(narrowing your pool of buyers so you will likely get less, but no loss of rent income)
4. You and ex evict tenants using S21 notice and sell Plymouth property after 4-6+ months

Crashy_Time

AdrianC wrote: »

Is your share in the Plymouth house <£40k-worth? If so, you're fine.

If not, then you're looking straight at +3% SDLT. You currently own one property. When you finish, you will own two properties.

The only other way out is not to own the Plymouth property.

And it seems that this is the route that the government and many members of society now wish you to take?