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Stamp Duty (or not)
castle96
Posts: 3,022 Forumite
My situation House values A B C D
A, £250 rented out as BTL/mortgage (never lived there) owned for 10 yrs
B £250 " " with residential mortgage (have never lived there) owned for 10 yrs
C £320 lived there 10 yrs - residential mortgage
D £580 - moving there with residential mortgage and the sale proceeds of C and B (tenants to leave
Solicitor has asked if I have any other/2nd homes. Answered NO. I declare the rental income on A/B. Am self employed. Never lived in either. Lost in the mists of time how I got a residential rate on B! Was never a problem when applying for a mortgage on C. A or B will be sold shortly.
Q. Am I correct that S/Duty should only be payable on a straight forward purchase of D. No complications/excess/2 homes duty etc
tia
A, £250 rented out as BTL/mortgage (never lived there) owned for 10 yrs
B £250 " " with residential mortgage (have never lived there) owned for 10 yrs
C £320 lived there 10 yrs - residential mortgage
D £580 - moving there with residential mortgage and the sale proceeds of C and B (tenants to leave
Solicitor has asked if I have any other/2nd homes. Answered NO. I declare the rental income on A/B. Am self employed. Never lived in either. Lost in the mists of time how I got a residential rate on B! Was never a problem when applying for a mortgage on C. A or B will be sold shortly.
Q. Am I correct that S/Duty should only be payable on a straight forward purchase of D. No complications/excess/2 homes duty etc
tia
0
Comments
-
(the mortgages are irrelevant, don't overcomplicate things)
Yes, you're replacing your main residence by selling C and buying D (I presume simultaneously?) so you pay the normal rate on the purchase of D.1 -
That's assuming that OP is stilll living in C (the original post isn't clear)user1977 said:(the mortgages are irrelevant, don't overcomplicate things)
Yes, you're replacing your main residence by selling C and buying D (I presume simultaneously?) so you pay the normal rate on the purchase of D.1 -
Am selling (currently living in) C, and buying D at the same time0
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