Help Calculating Stamp Duty

corkyefes

Good Morning,

Me and my wife are looking to move home, but we are struggling on how to calculate the stamp duty, with different websites giving different figures...

We/I have two properties:

1) Current Home - Obviously this will be sold (joint mortgage with my wife)
2) Second Property - Currently on a consent to let (joint mortgage with a different person, not my wife)

Myself and wife are looking at houses in the region of £300k.

Also, does anybody know if the stamp duty can be added to a mortgage or paid monthly or something?

Thanks in advance.

RAS

Presumably you currently live in property 1? Have you ever rented that out?

Have you ever lived in property 2 and are you intending to sell it to fund the new purchase?

SDLT_Geek

corkyefes said:

Good Morning,

Me and my wife are looking to move home, but we are struggling on how to calculate the stamp duty, with different websites giving different figures...

We/I have two properties:

1) Current Home - Obviously this will be sold (joint mortgage with my wife)
2) Second Property - Currently on a consent to let (joint mortgage with a different person, not my wife)

Myself and wife are looking at houses in the region of £300k.

Also, does anybody know if the stamp duty can be added to a mortgage or paid monthly or something?

Thanks in advance.

Are you buying in England, so that the relevant stamp duty is Stamp Duty Land Tax.  Is that right?

How long have you both lived in the Current Home?

I expect your main question is about whether the higher rates of stamp duty apply because of having an additional property?

corkyefes

Thanks for the replies...

Yes, we are UK based.

We are living in property 1 currently and have been for the last 8 years.
We will be selling this property to move into the new house. Its never been rented out.

Property 2, I lived in 8 years ago, however we have been renting it out for the last 8 years.

user1977

corkyefes said:

Yes, we are UK based.

The question was which country within the UK, given that each one has a different "stamp duty" system....

K_S

@corkyefes

Stamp duty - Assuming that you're in England, and that your current home will be sold on/before the purchase of your new home, you will not have to pay the 3% surcharge as you will be replacing your main residence.

Whether you have any other background properties or not does not make a difference in this scenario so the rental property in the background will not impact your stamp duty bill for this purchase. For a 300k property, your stamp duty bill should be £2,500.

Mortgage - No you can't add a stamp duty bill to your mortgage though you can of course set aside the funds for the stamp duty bill from the proceeds of your sale and use the rest for your deposit on the new house. Afaik, the solicitor will need the stamp duty in full upfront before completion.

corkyefes said:

Good Morning,

Me and my wife are looking to move home, but we are struggling on how to calculate the stamp duty, with different websites giving different figures...

We/I have two properties:

1) Current Home - Obviously this will be sold (joint mortgage with my wife)
2) Second Property - Currently on a consent to let (joint mortgage with a different person, not my wife)

Myself and wife are looking at houses in the region of £300k.

Also, does anybody know if the stamp duty can be added to a mortgage or paid monthly or something?

Thanks in advance.

corkyefes

user1977 said:

corkyefes said:

Yes, we are UK based.

The question was which country within the UK, given that each one has a different "stamp duty" system....

Apologies, we are in England.

SDLT_Geek

corkyefes said:

user1977 said:

corkyefes said:

Yes, we are UK based.

The question was which country within the UK, given that each one has a different "stamp duty" system....

Apologies, we are in England.

As @K_S says, the "replacement exception" should apply, so the extra 3% SDLT should not be due. 

The SDLT is all payable within 14 days of completion.  Because you have a mortgage, your lender will require your solicitor to be holding enough money from you at completion to pay the SDLT in full.

corkyefes

SDLT_Geek said:

corkyefes said:

user1977 said:

corkyefes said:

Yes, we are UK based.

The question was which country within the UK, given that each one has a different "stamp duty" system....

Apologies, we are in England.

As @K_S says, the "replacement exception" should apply, so the extra 3% SDLT should not be due. 

The SDLT is all payable within 14 days of completion.  Because you have a mortgage, your lender will require your solicitor to be holding enough money from you at completion to pay the SDLT in full.

Thank you for the reply... so i've done a calculation that on a 300k value house, i would be looking at £2,500 stamp duty, is that correct to your understanding?

SDLT_Geek

corkyefes said:

SDLT_Geek said:

corkyefes said:

user1977 said:

corkyefes said:

Yes, we are UK based.

The question was which country within the UK, given that each one has a different "stamp duty" system....

Apologies, we are in England.

As @K_S says, the "replacement exception" should apply, so the extra 3% SDLT should not be due. 

The SDLT is all payable within 14 days of completion.  Because you have a mortgage, your lender will require your solicitor to be holding enough money from you at completion to pay the SDLT in full.

Thank you for the reply... so i've done a calculation that on a 300k value house, i would be looking at £2,500 stamp duty, is that correct to your understanding?

Yes, SDLT of £2,500.