A
Arrkaye
New Member
Hi,
My partner and I currently own a property with a mortgage. Bought for 385k, current value: 375k.
We have a semblance of plan to buy a second property for about 600k to live in, and rent out our current property.
What is the most efficient way to do this wrt. SDLT etc.
The idea we had was to sell the current property to a limited company for market price. As I understand, this would incur higher rate SDLT of 20k.
But this would mean that we would not pay higher-rate on the new purchase (20k Vs. 38k).
Total SDLT: 40k
This is higher (38k) than if we just bought the second property, but means we could run the rental property more efficiently.
Any and all advice is appreciated.
My partner and I currently own a property with a mortgage. Bought for 385k, current value: 375k.
We have a semblance of plan to buy a second property for about 600k to live in, and rent out our current property.
What is the most efficient way to do this wrt. SDLT etc.
The idea we had was to sell the current property to a limited company for market price. As I understand, this would incur higher rate SDLT of 20k.
But this would mean that we would not pay higher-rate on the new purchase (20k Vs. 38k).
Total SDLT: 40k
This is higher (38k) than if we just bought the second property, but means we could run the rental property more efficiently.
Any and all advice is appreciated.