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Help with Stamp Duty options
Robj241
Posts: 29 Forumite
Hi all,
I will try and give as much info as possible: -
We own a property that we rent out, it was my own residence when I first bought it in 1994 - the property is mortgage fee and worth approx. 80K.
We have a property that we live in that we are looking to sell worth 230k with a 60k mortgage.
We are looking to buy at around 300k.
At the minute this means we will possibly have a stamp duty bill of 15k!!!
Could I possibly sell my rental to avoid the additional stamp duty, put the money in the bank then purchase my new home. Then we could look at buying another rental in my new location with cash in the bank.
Just looking at the best options moving forward.
Thanks
I will try and give as much info as possible: -
We own a property that we rent out, it was my own residence when I first bought it in 1994 - the property is mortgage fee and worth approx. 80K.
We have a property that we live in that we are looking to sell worth 230k with a 60k mortgage.
We are looking to buy at around 300k.
At the minute this means we will possibly have a stamp duty bill of 15k!!!
Could I possibly sell my rental to avoid the additional stamp duty, put the money in the bank then purchase my new home. Then we could look at buying another rental in my new location with cash in the bank.
Just looking at the best options moving forward.
Thanks
0
Comments
-
It sounds like you are going to be replacing your main residence, in which case you should not have to pay the additional rate of stamp duty (assuming you sell your existng property before or at the same time as you buy the new one) even though you also own a second proerty.0
-
Yes we will be selling out main residence to buy a new one.
It was our mortgage advisor who suggested that we would have to pay the higher rates.
Confused!!!0 -
-
Great comment by Pixie and I'd be worried what else your mortgage adviser is telling you.0
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