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mike1292
Posts: 2 Newbie
Hi,
I'm looking at purchasing a BTL property with my girlfriend, we currently both don't have a residential mortgage though I sold a residential property in July this year.
Are we exempt from paying stamp duty tax due to us not owning a residential property at this moment in time?
The house purchase is £110k
Any advice would be great!
Mike
I'm looking at purchasing a BTL property with my girlfriend, we currently both don't have a residential mortgage though I sold a residential property in July this year.
Are we exempt from paying stamp duty tax due to us not owning a residential property at this moment in time?
The house purchase is £110k
Any advice would be great!
Mike
0
Comments
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you have read the rules?
so what is it you do not understand?
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
That link is about buying an additional property though.
As the OP indicates they do not currently own a property (although they have in the past) , I think this link is more appropriate
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates0 -
p00hsticks wrote: »As the OP indicates they do not currently own a property (although they have in the past) , I think this link is more appropriate
https://www.gov.uk/stamp-duty-land-tax/residential-property-ratespurchasing a BTL property.... at this moment in time?
1st time buyers exemption: NO, it is not your home
https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers-guidance-note
higher rate SDLT: No, it is not additional
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property
standard rate SDLT: No, look at the thresholds!
But when you buy a home to live in you will have to pay the higher rate on that purchase, so make sure your home costs less than the BTL, otherwise you have purchased in the wrong order and will pay more tax than you needed to.0 -
Do you really want to buy a BTL property in the current climate ?
Changes in taxation S24 means a higher rate taxpayer will struggle to make any money0 -
Hi,
I'm looking at purchasing a BTL property with my girlfriend, we currently both don't have a residential mortgage though I sold a residential property in July this year.
Are we exempt from paying stamp duty tax due to us not owning a residential property at this moment in time?
The house purchase is £110k
Any advice would be great!
Mike
Why do you want a BTL?0 -
nonetheless OP seems confused about the rules
But when you buy a home to live in you will have to pay the higher rate on that purchase, so make sure your home costs less than the BTL, otherwise you have purchased in the wrong order and will pay more tax than you needed to.
If it's the same person buying, the second (additional) house purchased would need to be less than £40k, to avoid the additional rate SDLT.
If OP wants to avoid that, he and girlfriend would need to purchase the houses under their separate names (ie one house each) and not get married until second house is purchased.
Or buy the SECOND property abroad.
That's my understanding of the rules.
Personally, I don't know why they want to bother with a BTL property anyway. Way too much risk and hassle.Selling off the UK's gold reserves at USD 276 per ounce was a really good idea, which I will not citicise in any way.0 -
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Crashy_Time wrote: »Why do you want a BTL?
I think the clue is in the name."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
This discussion has been closed.
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