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Stamp Duty on New Home
Kerphi
Posts: 2 Newbie
Hello... i think i know the answer to this, but i just wanted to get confirmation from some more knowledgable people on here.
The scenario:
- I own a Buy to Let property already
- I do not own a residential property as i'm living at home with parents.
- I am about to buy my first residential property to move into.
- I am not selling any residential property in order to purchase this residential property
So i just want to confirm what rate i should be paying? My assumption is that as a i am not selling a current residential property and am increasing the number of properties i own i will have to pay the additional rate of Stamp Duty. Is that correct? My confusion was around the fact that they say if you sell your current residential property, but i dont actually have on.
The scenario:
- I own a Buy to Let property already
- I do not own a residential property as i'm living at home with parents.
- I am about to buy my first residential property to move into.
- I am not selling any residential property in order to purchase this residential property
So i just want to confirm what rate i should be paying? My assumption is that as a i am not selling a current residential property and am increasing the number of properties i own i will have to pay the additional rate of Stamp Duty. Is that correct? My confusion was around the fact that they say if you sell your current residential property, but i dont actually have on.
0
Comments
-
Yes you will have to pay the +3% as you are increasing the number of properties you own.2
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Yes.Kerphi said:My assumption is that as a i am not selling a current residential property and am increasing the number of properties i own i will have to pay the additional rate of Stamp Duty. Is that correct?
Whether you actually have one or not is irrelevant - it only matters if you have one and are selling it.My confusion was around the fact that they say if you sell your current residential property, but i dont actually have one.2 -
Now. You own property A.
After. You own property A and property B.
How is that not an "additional property"?2 -
Ok thanks everyone for the confirmation.0
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