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Stamp duty refund + buy to let

mystyfoxxy
mystyfoxxy Posts: 3 Newbie
in Mortgages & endowments
Considering purchasing a buy to let, whilst still in ownership of main property.

Then selling main dwelling once the buy to let has gone through in order to emigrate.

We then plan on renting for sometime and therefore will not be in ownership of a 2nd property.

Can anyone advise me on if this makes me eligible for a refund of stamp duty?
as effectively will mean I am back to owning one property within the 3 year curfew.

Any light shed by anyone in the know I would be eternally grateful.

Thanks

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    mystyfoxxy wrote: »
    Considering purchasing a buy to let, whilst still in ownership of main property.

    Then selling main dwelling once the buy to let has gone through in order to emigrate.

    We then plan on renting for sometime and therefore will not be in ownership of a 2nd property.

    Can anyone advise me on if this makes me eligible for a refund of stamp duty?
    as effectively will mean I am back to owning one property within the 3 year curfew.

    Any light shed by anyone in the know I would be eternally grateful.

    Thanks

    You would not be replacing your main residence with another main residence ergo you would not be eligible for a refund.

    SDLT Guidance Note
  • SDLT_Geek
    SDLT_Geek Posts: 3,039 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Pixie5740 wrote: »
    You would not be replacing your main residence with another main residence ergo you would not be eligible for a refund.
    This is correct.


    But if you change the order of transactions you should not have to pay the higher rates of SDLT on the purchase. The order of events could be:
    (a) Complete the sale of your only property.
    (b) Move into rented property.
    (c) Complete the purchase of the property you wish to rent out.
    (d) Emigrate when you are ready.
    That way you only pay the normal rates of SDLT on your purchase as it is the only property you own at the time you buy it.
  • mystyfoxxy
    mystyfoxxy Posts: 3 Newbie
    Thank you for thinking the outside the box.This has provided us with a good solution.

    Thank you for your super speedy response much appreciated.

    Have a great day :)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    mystyfoxxy wrote: »
    Thank you for thinking the outside the box.This has provided us with a good solution.

    If you require a mortgage to fund the BTL purchase then you'll need to find a suitable lender. Ongoing you'll encounter issues with the future choice of mortgage products once outside the UK.
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