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Renting out current property and buying a new one to live in
Househelpneeded
Posts: 9 Forumite
Hi everyone,
My first post here and I’m really stuck in a rut.
I own a apartment and it still has a small mortgage
On it and I’d like to keep it and rent it out and buy another property to live in. The new property will cost less than £125k but will I have to pay stamp duty? Mortgage companies have also said they won’t take into consideration the rent I will receive because I haven’t had it for 2 years. My apartment is on the market and up for sale but hardly any interest in it and really need somewhere bigger. I’m feeling frustrated and it seems there’s no easy way out. Any advise or help is appreciated.
My first post here and I’m really stuck in a rut.
I own a apartment and it still has a small mortgage
On it and I’d like to keep it and rent it out and buy another property to live in. The new property will cost less than £125k but will I have to pay stamp duty? Mortgage companies have also said they won’t take into consideration the rent I will receive because I haven’t had it for 2 years. My apartment is on the market and up for sale but hardly any interest in it and really need somewhere bigger. I’m feeling frustrated and it seems there’s no easy way out. Any advise or help is appreciated.
0
Comments
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according to https://www.stampdutycalculator.org.uk/stamp-duty-second-homes.htm you would pay £3750 on a 125k property and £3600 on a 120k property so looks as though it is 3% on any second property. if you sell the flat within 3 years then you can claim it back0
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If you knock £5k off the price would that help it sell?
Thats probably easily what extra SDLT and legal costs and EA fees would cost you in year one of letting.
You'd also have the equity from the flat to help you buy a bigger/better property to live in.0
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