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Second Mortgage with Different Person
clonkel
Posts: 63 Forumite
Hi,
I have a current mortgage on a flat that is not selling. There is equity in the flat with a mortgage on the rest.
I am looking to buy another property with my fiancee which will be a joint mortgage.
If I am successful with the purchase of the new property I will then have a single mortgage, until the flat is sold, and a joint mortgage on the new property, which we will then move into.
Are there any additional tax implications on the sale of the flat if I also own another property jointly?
thank you
I have a current mortgage on a flat that is not selling. There is equity in the flat with a mortgage on the rest.
I am looking to buy another property with my fiancee which will be a joint mortgage.
If I am successful with the purchase of the new property I will then have a single mortgage, until the flat is sold, and a joint mortgage on the new property, which we will then move into.
Are there any additional tax implications on the sale of the flat if I also own another property jointly?
thank you
0
Comments
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<bump> If anyone could answer this. Thank you0
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https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
pretty good resource there to answer your question.
'If you have not sold your main residence on the day you complete your new purchase you’ll have to pay higher rates. This is because you own 2 properties.You can apply for a refund if you sell your previous main home within 36 months.'
"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1 -
Also possible capital gains upon sale of a property that is not your residence ( albeit reliefs for when it was and annual allowance)
https://www.gov.uk/tax-sell-home
Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.1 -
Thank you for your replies0
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