FTB, BTL and STAMP DUTY

manuski

I am a FTB and in the market to buy a house. I understand that as a FTB I will not be eligible for stamp duty relief if I plan to let out the property. However, given my particular circumstances, I may not end up living in the house for more than 3 months, so my question: how soon after purchasing the property and having claimed stamp duty relief could I legally let it out?

G_M

manuski wrote: »

I am a FTB and in the market to buy a house. I understand that as a FTB I will not be eligible for stamp duty relief if I plan to let out the property.

What is your source for this?

davidmcn

G_M wrote: »

What is your source for this?

HMRC seems a good one:

https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note

The relief applies from 22 November 2017 to purchases of residential property for £500,000 or less, provided the purchaser intends to occupy the property as their only or main residence.

It sounds like the intention isn't for the property to be a permanent main residence.

Also consider (assuming there's a mortgage) whether the lender would grant consent to let it out - that seems unlikely after only a few months.

manuski

No mortgage involved. I live abroad with my wife. We plan to buy now because we are uneasy at the money just sitting in a bank earning virtually no interest. Due to unforeseen circumstances we may not come back to live in the UK until early-mid 2020 though I will be staying in the UK until June this year.

manuski

The only answer may be to buy, let it out and pay the stamp duty in full (it would be an extra 5k) but seeing as I will be living in it for probably three months after buying it I thought it may be worth posing the question.

SDLT_Geek

FA03/Sch4ZA/para1(4). "The third condition is that the purchaser ...... intends to occupy the purchased dwelling as the purchaser's only or main residence"

00ec25

manuski wrote: »

No mortgage involved. I live abroad with my wife.

so neither you nor your wife have ever owned a property, or had an interest in land, anywhere on planet Earth?

you have lived with your parents or in rental accommodation for your entire lifespan to date?

manuski

you have lived with your parents or in rental accommodation for your entire lifespan to date?[/QUOTE]

Yes, is that okay with you?

00ec25

manuski wrote: »

Yes, is that okay with you?

since that is one of the criteria for FTB relief, it is entirely reasonable to check you understand that position. Your aggressive response is a shame.

manuski

My aggressive response? Check out your condescending one first.