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Stamp Duty on main residence (own buy to let)
sprayway
Posts: 4 Newbie
Hi all,
Apologies if this has been asked before but if someone could please help with a definitive answer i'd be very grateful.
Currently own a property (purchased in 2016 & lived there for 2 years) which i've recently converted to BTL since i'm now living with my partner. My intention is to purchase another house which will become our main residence (it'll be me on mortgage with a view to converting hers into a BTL).
Assuming the new house was say £350,000 - would i be liable for the full stamp duty of £18,000 (i.e. 2nd house stamp duty) or the lower rates (i.e. 2% over 125k & 5% over 250k - £7,500 total)?
Thanks
Apologies if this has been asked before but if someone could please help with a definitive answer i'd be very grateful.
Currently own a property (purchased in 2016 & lived there for 2 years) which i've recently converted to BTL since i'm now living with my partner. My intention is to purchase another house which will become our main residence (it'll be me on mortgage with a view to converting hers into a BTL).
Assuming the new house was say £350,000 - would i be liable for the full stamp duty of £18,000 (i.e. 2nd house stamp duty) or the lower rates (i.e. 2% over 125k & 5% over 250k - £7,500 total)?
Thanks
0
Comments
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As you will have 2 properties you will be liable for paying the higher rate of stamp duty. To calculate this for your circumstances you can use the gov.uk calculator https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
- Original mortgage end date: March 2041
- Current mortgage end date: Dec 2032
- MFW 2026 #15 573.30/2000 /// MFW 2025 #15 1628.00/ £2,400 /// MFW 2024 #15 £1,608.85/ £2500 /// MFW 2023 #15 £8,617.84/ £10,000 /// 2022 #15 £7,315.24/ £7250 /// MFW 2021 #15 £8,530.07/ £8500
- Daily interest is currently £3.48
2 -
But the new house would be my main residence?0
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Irrelevant. You are going from owning 1 property to owning 2 and aren't replacing your main residence.3
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It’s a charge on additional properties. You are buying an additional property.sprayway said:But the new house would be my main residence?
4 -
Ouch.
Thanks for the advice all.0
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