Will I have to pay the extra stamp duty?

misssounsure

Thanks for your really helpful comments. It's so tricky isn't it and slightly unfair as we met later in life and both saved hard and worked hard to own our respective homes and are penalised for daring to try and hold on to our hard earned homes :-/ 

Doozergirl

misssounsure said:

Thanks for your really helpful comments. It's so tricky isn't it and slightly unfair as we met later in life and both saved hard and worked hard to own our respective homes and are penalised for daring to try and hold on to our hard earned homes :-/ 

You have a choice to sell up if you don't want to pay it.   Invest elsewhere . 

We have a housing crisis in the country.  A shortage of houses pushes up prices.  The stamp duty rules seek to level the playing field ever so slightly for FTBs first, then people replacing a home, specifically making landlords think twice about purchasing.  

It's inconvenient but it's not particularly unfair.  It's unfair when people cannot get on the ladder because other people want to use their rent to line their pockets.     

You're not holding onto a 'home', you're using what will be someone else's home as investment vehicle.  

lisyloo

misssounsure said:

Thanks for your really helpful comments. It's so tricky isn't it and slightly unfair as we met later in life and both saved hard and worked hard to own our respective homes and are penalised for daring to try and hold on to our hard earned homes :-/ 

But you don’t need to own two homes if you are married, so you’re consuming more accommodation than you need and stopping another family using it.
its meant to be punitive.

[Deleted User]

The higher rate of SDLT is a completely avoidable tax.  Have you even run the numbers or done the market research to show that your current home will make a good rental property?

oldbikebloke

misssounsure said:

Thanks for your really helpful comments. It's so tricky isn't it and slightly unfair as we met later in life and both saved hard and worked hard to own our respective homes and are penalised for daring to try and hold on to our hard earned homes :-/ 

"unfair"? why?
when people live together, they tend to live together in the same property.
That means they only "need" one property, and anything else is them seeking to profit from the situation by retaining "excess" property for their own financial gain. whether you met young or old has little to do with that decision other than "old" people are more likely to each own a property and be able to do that. 
Profits get taxed, fact of life.... sell up and you won't pay tax 

davidmcn

misssounsure said:

Thanks for your really helpful comments. It's so tricky isn't it and slightly unfair as we met later in life and both saved hard and worked hard to own our respective homes and are penalised for daring to try and hold on to our hard earned homes :-/ 

They're not your homes, they're your tenants' homes.

The whole point of the tax is to deter people from owning more than one property and free up properties for owner-occupation.

martindow

misssounsure said:

Thanks for your really helpful comments. It's so tricky isn't it and slightly unfair as we met later in life and both saved hard and worked hard to own our respective homes and are penalised for daring to try and hold on to our hard earned homes :-/ 

You have worked hard to pay mortgages on your houses, but no hard work is involved with house price inflation.  I have friends who tell me how unfair inheritance tax is because they worked hard to own their house - in one case they bought their house for under £100k and it is now worth £500k ...