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    • scopes
    • By scopes 7th Oct 17, 6:05 PM
    • 2Posts
    • 0Thanks
    Stamp duty for sort-of first first-time buyer
    • #1
    • 7th Oct 17, 6:05 PM
    Stamp duty for sort-of first first-time buyer 7th Oct 17 at 6:05 PM
    Some years ago I bought a buy-to-let in Leeds (I was abroad and not living in the UK)
    I have been living in London for 4 years now, paying high rent and unable to afford my own place. But I should have a deposit for something below the 250k threshold by December. However, I realise that I cant be classified as a "first time buyer" but if I dont have a main home or residence, does that count? I have heard that if I sell the buy to let within 3 years, I could be exempt but I am hardly moving out of my home as such.. I would love to sell the Buy to let property but it has lost a lot of its value and I am not sure it would be easy to sell, and I'll likely no profit made at the end.
Page 1
    • _CC_
    • By _CC_ 7th Oct 17, 7:08 PM
    • 298 Posts
    • 278 Thanks
    • #2
    • 7th Oct 17, 7:08 PM
    • #2
    • 7th Oct 17, 7:08 PM
    If you keep your BTL flat then you'll be liable for the higher rate of stamp duty when buying your new main property.

    As the flat isn't your main home you won't be eligible for a refund if you sold it within three years.
    • amnblog
    • By amnblog 7th Oct 17, 9:40 PM
    • 10,560 Posts
    • 4,174 Thanks
    • #3
    • 7th Oct 17, 9:40 PM
    • #3
    • 7th Oct 17, 9:40 PM
    As above. You are not moving home so you will pay the 3% extra
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • scopes
    • By scopes 7th Oct 17, 9:50 PM
    • 2 Posts
    • 0 Thanks
    • #4
    • 7th Oct 17, 9:50 PM
    • #4
    • 7th Oct 17, 9:50 PM
    Thanks so much for the replies

    Would it help to get rid of the buy-to-let? Or does it count as a first property indefinitely?
    • davidmcn
    • By davidmcn 7th Oct 17, 10:13 PM
    • 7,837 Posts
    • 8,019 Thanks
    • #5
    • 7th Oct 17, 10:13 PM
    • #5
    • 7th Oct 17, 10:13 PM
    It's nothing to do with being a first time buyer, it's how many properties you currently own. So yes, selling your current one will bring you back down to normal SDLT rates.
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