Re-Mortgage ?

noitsnotme

theshed said:

Property value is below threshold so we should be ok with stamp duty ?

Basic rate will be 0% but you will still have to pay the additional 3% stamp duty due it being a second home.

theshed

Did not realise that.
Was led to believe as we only had one mortgage in place then SD not payable. We need to factor that in.

theshed

Also just looked on Gov.UK website. It say SD applies to Freehold Property.
This is Leasehold, is there something else I am missing ?

noitsnotme

Pretty sure you’ll still be liable for the 3%.  Try the calculator here https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

@SDLT_Geek can probably confirm.

housebuyer143

theshed said:

Also just looked on Gov.UK website. It say SD applies to Freehold Property.
This is Leasehold, is there something else I am missing ?

Additional stamp duty land tax relates to all interest in property over £40k. 
If you aquire another property then it's payable unfortunately. 

SDLT_Geek

noitsnotme said:

Pretty sure you’ll still be liable for the 3%.  Try the calculator here https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

@SDLT_Geek can probably confirm.

Yes, the extra 3% SDLT is going to apply, assuming the property being bought is in England.

Caz3121

...and if it is in Scotland it is an extra 6%