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Stamp Duty advise needed please.
SpringsteenFox
Posts: 1 Newbie
Hi,
Quick breakdown of our situation.
I brought a shared ownership flat in 2007 ( before the crash) and it has never reached the value at which I paid for it since. It also has cladding which whilst now being replaced means its currently not possible for someone to get a mortgage on it.
I met my wife and had kids so I moved into a rented house in 2012 and have been renting out my flat since.
We are now in a position where we are looking to buy a house and move out of our rented house. If I was to keep my flat and carry on renting it out and buy a new house would I be liable for increased stamp duty on the new house?
Thanks in advance !
Quick breakdown of our situation.
I brought a shared ownership flat in 2007 ( before the crash) and it has never reached the value at which I paid for it since. It also has cladding which whilst now being replaced means its currently not possible for someone to get a mortgage on it.
I met my wife and had kids so I moved into a rented house in 2012 and have been renting out my flat since.
We are now in a position where we are looking to buy a house and move out of our rented house. If I was to keep my flat and carry on renting it out and buy a new house would I be liable for increased stamp duty on the new house?
Thanks in advance !
0
Comments
-
Yes. You are going from owning one property to owning two - +3% SDLT due
(replacement of main residence meaning selling, not moving from rented if that is confusion?) and2
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