Stamp duty - second property

Legacy_user

Hello,

We’re looking for a bit advice on additional stamp duty.

My boyfriend owns a flat that we live in and we’re looking to buy our own house together soon, so he would like to change his current mortgage to a buy to let and rent the flat out.

Does anyone know what percentage stamp duty we would pay? We’ve worked it out to be between £14,000 - £16,000 which is ridiculous!

I am a first time buyer but wouldn’t be able to get the mortgage on my own. We’ve spoken to a few developers recently and they’ve said because your new home will be your main residence, you can claim the additional stamp duty back but we’re not convinced that’s true.

Does anyone know of another way around it?

Thanks
Emily

G_M

without knowing the cost of the house you plan to buy together, how can we comment on the Stamp Duty due?

But as he already owns a property, you'll (jointly) pay the additional 3%.

Does anyone know of another way around it?

Yes. Boyfriend sells the flat first.

00ec25

can you read ?
the rules are here:
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

as joint purchasers "you" will change form having 1 property to having 2 - the clue is in the name: additional (purchase)

to get a refund you must have disposed of the old main residence - you are not doing that, "you" are keeping it as a BTL

if maths is a problem use the calculator
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

martin1959

If you sell the flat within 3 years, and the main property is your only property you can reclaim some/all of the additional stamp duty.