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Do I have to pay a higher stamp duty on a residential if I already own a buy-to-let?
Just911
Posts: 3 Newbie
I have owned a buy-to-let for quite some time. Due to work, I rent a place in the city.
I am now in a situation where I can afford to buy a place in the city and stop paying rent, however, I am a slightly confused to how much stamp duty I'd have to pay to move. Considering I am leaving my main residence (which I rent) to move into a new residence do I fall within the normal standard stamp duty or will I have to pay the higher rate stamp duty?
I am now in a situation where I can afford to buy a place in the city and stop paying rent, however, I am a slightly confused to how much stamp duty I'd have to pay to move. Considering I am leaving my main residence (which I rent) to move into a new residence do I fall within the normal standard stamp duty or will I have to pay the higher rate stamp duty?
0
Comments
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The exemption for replacing your main residence refers to selling your main residence to purchase a new house that will be your main residence. Not moving from a rental property.
You'll have to pay the surcharge.2 -
You're buying a second property, not replacing your main (owned) residence, so the additional duty will be applied.#2 Saving for Christmas 2024 - £1 a day challenge. £325 of £3662
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Yes the higher amount but of course you knew that already.Just911 said:I have owned a buy-to-let for quite some time. Due to work, I rent a place in the city.
I am now in a situation where I can afford to buy a place in the city and stop paying rent, however, I am a slightly confused to how much stamp duty I'd have to pay to move. Considering I am leaving my main residence (which I rent) to move into a new residence do I fall within the normal standard stamp duty or will I have to pay the higher rate stamp duty?
3 -
You own one property.After the purchase, you will own two properties.You are not selling your main residence.You will pay the additional 2nd property SDLT.3
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