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Advice needed on what to buy first

M

Mikey5519

New Member
Hi All,

I currently have a house which I live in but I want to buy a Buy to Let property as well.

The thing is either next year or the year after I want to buy a bigger house to live in.

Do I wait to buy the Buy to Let property until after I have bought my next house or should I just go ahead and buy my Buy to Let property now?

Will I end up paying more taxes if I buy the Buy to Let now?

Thanks in advance for all your help.

Kind Regards

Mike
 
Nicholas Wallwork

Nicholas Wallwork

Editor-in-Chief
Staff member
Premium Member
Hi Mike,

It is my understanding that currently if you buy a 2nd house you'll pay the SDLT surcharge on that house whether you buy it now or later (as long as you still own a home).

If you declare your primary residence as the new more expensive house when you sell your old home then you shouldn't have to pay the surcharge on that one (as it's your principal residence).

In any event before you buy anything ask your laywer to be certain about the timings but that is my understanding anyway and I'm not a lawyer so please double check!

Hope that helps for now
Nicholas
 
M

Mikey5519

New Member
Hi Nicholas,

Thank you for the reply. It is much appreciated.

I will contact my lawyer now.

Kind Regards

Mike
 
L

Longterminvestor

Administrator
You might just have received some short-term assistance with the change in stamp duty land tax bands?
 
L

lookinginvest

Member
It would be interesting to hear the advice you received on this particular situation as, with lending so cheap, I think many people will be looking down this avenue as well. What are your long-term plans with regards to buy to let?
 
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