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Stamp Duty
ckingtoma
Posts: 2 Newbie
Hi,
9 years ago we used to live in a flat, we then purchased a house that we moved into 9 years ago, the flat didn't sell so we started to rent it out.
I rang the mortgage provider who gave consent to let on the existing residential mortgage but said that if we remortgaged we would need to move to a buy to let, we have never remortgaged so its still on residential mortgage.
We are now looking to sell the house we live in to purchase another house, our financial advisor has stated that we may be liable for the higher tax rate as we still have a residential mortgage on the flat.
Anyone know if this would be the case, gov.uk just states that if you sell your main residence to buy another main residence that you pay the stamp duty fee.
Does anyone know what stamp rate duty we would pay?
9 years ago we used to live in a flat, we then purchased a house that we moved into 9 years ago, the flat didn't sell so we started to rent it out.
I rang the mortgage provider who gave consent to let on the existing residential mortgage but said that if we remortgaged we would need to move to a buy to let, we have never remortgaged so its still on residential mortgage.
We are now looking to sell the house we live in to purchase another house, our financial advisor has stated that we may be liable for the higher tax rate as we still have a residential mortgage on the flat.
Anyone know if this would be the case, gov.uk just states that if you sell your main residence to buy another main residence that you pay the stamp duty fee.
Does anyone know what stamp rate duty we would pay?
0
Comments
-
You have correctly interpreted the information on the gov.uk website. You should not be liable to the additional 3% SDLT based on the facts you've presented.
Sack your "financial advisor". They are clueless. The mortgage on the BTL has no relevance whatsoever. If they're charged you anything for that advice - demand a refund on the basis they're just making stuff up."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
Thank you, was going to check with solicitor tomorrow to confirm as they were closed by the time the advisor had left but you have put my mind at rest for the night.
Would like to pay £3,000 stamp duty rather than £11,000!0 -
So, you bought A, Let A. A still on original mortgage.Still let.
Bought B and lived in it and still do for last 9 years.
Now looking at selling B to buy C to live in.
Clear cut no extra SDLT. Doesn't matter if A is owned outright, has a BTL mortgage or a residential mortgage. Its irrelevant.
Whats wrong with your adviser? Misunderstood? Or an idiot?0
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