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Stamp duty confusion?

Mh0554
Mh0554 Posts: 1 Newbie
in House buying, renting & selling
Hi guys. I’m after abit of advice on how much stamp duty I will need to pay.

Fortunately I was able to save up hard and was able to purchase a house that I’ve been renting out ever since I was 21 (now 25). I’ve been living with my parents ever since and haven’t at any time ever lived in my rental property. Me and my girlfriend now want to buy a property for ourselves to live in as both our main residences.

What stamp duty would I pay on a house worth £180,000?

And do I still occur the additional property rates of stamp duty even though this will be my first main residence?

Thanks in advance.

M

Comments

  • pinkteapot
    pinkteapot Posts: 8,044 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Mh0554 wrote: »
    And do I still occur the additional property rates of stamp duty even though this will be my first main residence?

    Yes, because it's about whether you own any other property, not about what's been your main residence.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 4 September 2019 at 3:50PM
    You ar buying a 2nd property.

    You are not disposing of your existing main residence to replace it with a new main residence.

    You will be liable for the additional SDLT.

    (sticking my neck out here as last time I responded to a SDLT question I got it wrong. Fortunately I was corrected which is why this forum is a good source. Thanks SDLT Geek!).
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Mh0554 wrote: »
    What stamp duty would I pay on a house worth £180,000?
    https://www.stampdutycalculator.org.uk/
    £6,500
    And do I still occur the additional property rates of stamp duty even though this will be my first main residence?
    Yes, of course.
    You already own one property. You are buying an additional property.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Mh0554 wrote: »
    Fortunately I was able to save up hard and was able to purchase a house that I’ve been renting out ever since I was 21 (now 25). I’ve been living with my parents ever since and haven’t at any time ever lived in my rental property. Me and my girlfriend now want to buy a property for ourselves to live in as both our main residences.

    When you sell you will get hit for the capital gains tax - so why not live in the property you bought and remove the tenants?
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    foxy-stoat wrote: »
    When you sell you will get hit for the capital gains tax - so why not live in the property you bought and remove the tenants?
    pointless

    he will still be liable for CGT on the 4 + years 9age 21 - age 25) he has owned the property but did not live in it

    the idea that moving into a property magically makes historic CGT vanish is one of the biggest myths going
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Well done on buying your first house at 21
    Even better without a mortgage !
    You didn't get a residential mortgage and rent out the property did you ?
This discussion has been closed.
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