We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Stamp duty advice
Be4437
Posts: 1 Newbie
Hi all, sorry if this isn't in the right place I couldn't find anything relevant from the search bar.
So I currently have a property which I rent out, i am in the forces and we only lived in the house for 12 months before work meant we couldn't occupy it. We then rented it out until now.
We are looking at buying another property to live in but wish to keep the first property as an investment.
How does this leave us with stamp duty, I have seen a few things to lead me to believe I won't face the elevated stamp duty rates for a second property because the house isn't a primary residence but it sounds too good to be true.
Anyone offer any advice? TIA
So I currently have a property which I rent out, i am in the forces and we only lived in the house for 12 months before work meant we couldn't occupy it. We then rented it out until now.
We are looking at buying another property to live in but wish to keep the first property as an investment.
How does this leave us with stamp duty, I have seen a few things to lead me to believe I won't face the elevated stamp duty rates for a second property because the house isn't a primary residence but it sounds too good to be true.
Anyone offer any advice? TIA
0
Comments
-
You are buying a 2nd property.
You are not replacing (selling) your main residence.
Additional SDLT is due0 -
No discount, plus your new lender will want to see your rental tax returnDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
-
being in the forces does not exempt you form having to pay the higher rate SDLT for purchasing an additional property
you (like many others) have simply not understood that "main residence" exemption requires you to be selling the existing one, not simply not having one because you are currently in rented accommodation
you own 1 property
you will own 2 properties
that is what is meant by higher tax on the purchase of an additional property0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.4K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards