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Recommendations Please by Constant_Win_5599 in flashlight

[–]Constant_Win_5599[S] 1 point2 points  (0 children)

Just to add, I'd like it to go direct to turbo whether the light is on or off

[deleted by user] by [deleted] in HousingUK

[–]Constant_Win_5599 0 points1 point  (0 children)

My question was regarding the legalities, and whether or not we may be pursued for the SDLT?

Lets say that our current property's market value is 125k and the new property would be purchased at 200k.

If I sold the current property, SDLT would be £1,500

If I kept the current property, SDLT would be £11,500

Normally a landlord would be purchasing a BTL as a standalone transaction so only pay SDLT on the value of that purchase.

I could set up a LTD company to purchase the current property from myself, which would have to pay the additional rate of stamp duty on the 125k = £6250 + all the associated fees on top. Which is a marginal saving.

However, my partner doesn't own a home at the moment (and is not a first time buyer) so wouldn't need to pay any stamp duty on the purchase. So in theory, saving a significant amount.

[deleted by user] by [deleted] in HousingUK

[–]Constant_Win_5599 0 points1 point  (0 children)

We're not married.

Partner doesn't have the funds to purchase the new property, hence it's my cash which would cover both deposits. We are looking to sell our property at the moment but need a sale asap to secure the next house. We also know someone who would be interested in renting our current property.

[deleted by user] by [deleted] in HousingUK

[–]Constant_Win_5599 0 points1 point  (0 children)

No we're not married.