Buying a second home...

MartinLewisFan

Hi hazyjo - thank you for your comment; indeed i have and I do consider this element - hence the "IF".

Hello saajan_12 - thank you for the considered response and questions posed. the answer is yes - for now. But after another financial crisis, who knows eh!

Hi aneary - indeed I have! but it seems like the search and coordination is taking forever (as G_M alluded to in his post!)

MoneyGeoff

Don't forget you'll need to declare and pay income tax on your rental income. If the rental income pushes you into a new tax band you'll probably be making a loss on this arrangement.

Rambosmum

You could speak to your current lender and get 'consent to let'. It means they allow you to rent out your home on your current residential mortgage, but you can't remortgage under the same turns.


May be the simplest solution for you.

hazyjo

MartinLewisFan wrote: »

Hi hazyjo - thank you for your comment; indeed i have and I do consider this element - hence the "IF".

There is no case of 'if' though. That's what we're saying

Slithery

Rambosmum wrote: »

You could speak to your current lender and get 'consent to let'. It means they allow you to rent out your home on your current residential mortgage, but you can't remortgage under the same turns.


May be the simplest solution for you.

I think you'll find that most lenders won't give consent to let if the property is being rented by a family member.

Rambosmum

Slithery wrote: »

I think you'll find that most lenders won't give consent to let if the property is being rented by a family member.

It's worth asking though, we've had it before where the consent to let addendum basically said "consent to let as a residential dwelling".

MartinLewisFan

MoneyGeoff - Aye, I'm already there mate, and sometimes I wonder what the point of all the graft is for - but let's not go there, and it is "tax" after all, the price of existing and being here rather than elsewhere as they say :-)

Rambosmum - great name by the way, and Slithery - I will be making an inquiry to see what the current lender (Halifax) can do - considering that they've offered me a very good deal on my re-mortgage i'm not holding my breath!

Hello hazyjo - indeed. You're preaching to the choir :-) I'm incredibly risk averse, and yet, bizarrely, every major positive in my life thus far came about via taking a big risk. what a strange world we live in.

dd17

Hi I'm after some advice with regards to stamp duty,

I'm not sure I'm posting correctly as I've just joined? But trying to look at related threads to answer my question but still confused
I'm currently a sole owner of my property
Listed it for sale some months ago- now having doubts and thinking I'm going to keep hold and rent out
My partner an I will be getting a property together
He is not a home owner
I understand I will possibly be affected by SDLT as an owner of a second home but wondering if this should affect the pair of us as he isn't an existing home owner any advice would be appreciated!

Thanks in advance

00ec25

dd17 wrote: »

Hi I'm after some advice with regards to stamp duty,

I'm not sure I'm posting correctly as I've just joined? But trying to look at related threads to answer my question but still confused

rather than clicking on reply after you have opened an individual "thread", what you should have done is to start a "new thread" by clicking on the link that says that at the top left of the screen under the board's name: house buying renting & selling

dd17 wrote: »

I'm currently a sole owner of my property
Listed it for sale some months ago- now having doubts and thinking I'm going to keep hold and rent out
My partner an I will be getting a property together
He is not a home owner
I understand I will possibly be affected by SDLT as an owner of a second home but wondering if this should affect the pair of us as he isn't an existing home owner any advice would be appreciated!

Thanks in advance

if you buy as joint owners then the higher rate SDLT is charged on the WHOLE purchase price on the basis that if one person owns a home and has not sold it then they are buying an additional property and that means the rule applies to both purchasers

this is explained in the guide if you read it
https://www.gov.uk/government/publications/stamp-duty-land-tax-higher-rates-for-purchases-of-additional-residential-properties

also read the detailed answer from a few days ago :
https://forums.moneysavingexpert.com/discussion/comment/73232965#Comment_73232965

dd17

Thanks for the advice it's appreciated
I'm accessing this on my phone and cannot see that but I'm sure I will get the hang of it.