Stamp duty if owned years ago

Marcus82

I’m confused on stamp duty, I owned a property many years ago so looking into it it says I have to pay, but someone told me if I owned over 3 years ago there is a 3 year rule and I’m classed as a first time buyer again. How would they know if I owned a property before and am renting now?
So I think I have to pay it - so if I do have to pay it is it possible to add half onto a mortgage as I didn’t factor the costs in and means we don’t have enough money after saving up the deposit. Thank you

Tom99

[FONT=Verdana, sans-serif]No you are not a FTB so will pay stamp duty.[/FONT]
[FONT=Verdana, sans-serif]If you can afford a higher mortgage and you are still within the lenders LTV ratio, you can borrow more to cover the stamp duty, but it might put the interest rate up.[/FONT]

SDLT_Geek

Someone has got confused between:
(a) first time buyers' relief when a residential property acquired at any time can stop you claiming the relief and
(b) the rules about the higher rates of SDLT (the 3% surcharge) where there are some three year rules, where they apply they limit the ability to escape the surcharge based on the exception for the replacement of an only or main residence: https://www.zoopla.co.uk/discover/buying/12-month-countdown-to-escape-second-home-stamp-duty/

kingstreet

Provided you meet the loan to value threshold (ie not borrowing 95%) it may be possible to reduce your deposit to help you pay the stamp duty. You may end up in a higher LTV band and get a worse mortgage rate as a result.

There is no formal way to add stamp duty to a mortgage.

Whatever rules a lender might have on you being a FTB (such as no mortgage in the last three years) this does not apply to SDLT. You have previously owned a property so you cannot benefit from the current FTB SDLT exemption.

AnotherJoe

Marcus82 wrote: »

I!!!8217;m confused on stamp duty, I owned a property many years ago so looking into it it says I have to pay, but someone told me if I owned over 3 years ago there is a 3 year rule and I!!!8217;m classed as a first time buyer again. How would they know if I owned a property before and am renting now?
So I think I have to pay it - so if I do have to pay it is it possible to add half onto a mortgage as I didn!!!8217;t factor the costs in and means we don!!!8217;t have enough money after saving up the deposit. Thank you

They have computers.

Whoever told you about this 3 year rule may be confused, and is certainly wrong.