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Stamp duty - what counts as additional property?

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Hi all,
I would've thought that this was quite a simple question but a chat with the NatWest has just confused me, as have HMRC!
I have two properties which are both let out and will remain so. I currently rent my own main residence, so I don't own my residence.
I am planning to buy a property that will be my main residence - (although will still probably have to continue to rent city-based digs for working). Will this count as an additional property for stamp duty purposes? I was assured by the NatWest it wouldn't as it would be my main residence and not a buy-to-let.

And secondly, as the price is £125,000 if it does count as an additional property I won't gain from the recent stamp duty changes?

Many thanks!
ST.

Comments

  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 10 July 2020 at 1:23PM
    Natwest are wrong.
    * You currently own 2 properties.
    * after this transation you will own 3
    * you are not disposing of (selling) your main residence
    * you pay the additional SDLT

  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    edited 10 July 2020 at 1:25PM
    Very basic from the information provided, yes you pay the additional rate (3%).
    There are more complications if you have previously owned a property, had it as main residence, disposed of this asset, and are now renting. i.e. you had 3 properties, 2 were let out, 1 was main residency, you disposed (sold) of the main residency to rent where you are now and are now buying a new place (the 3 year rule). 
  • Thanks guys - that is what I thought, and indeed thought to be clear. But the NatWest were very adamant!

    Cheers!
    st
  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Which is why you don't ask your bank to calculate your tax liability...
    What are the qualifications of your NatWest adviser?
    No free lunch, and no free laptop ;)
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