Anyone here got any updates or info on Stamp Duty? I am in the process of buying 3 houses @ £80k each, for investment purposes..mortgage application submitted last night. So hoping i can complete before end of month.. I only went up north last week, did not think te stamp duty changes were coming till next year! Is it 3% on 80k or 3% on £40k? as house purchases under £40k do not have any stamp duty... I had seen a few houses for less then this up north..bringing in £300 - £325 per month rental income... but decided to up the budget fo ra nicer house and different types of tenants.
Be careful though, non-residential buy to let will now be at the higher rate. and sorry to tell you, but i very very much doubt you'll be completing by the end of the month?
Got this.. 3% - 40k - 125k 5% - 125k - 250k 8% - 250k - 950k odd I am hoping to complete..have completed before, as personal searches will be submitted to the lender usually few days. Council takes 2-3 weeks..hence the delays usually My mortgage offer should be with me in 7 days, fingers crossed. Other issues is everyone is trying to complete..
exactly, solicitors aren't the quickest of people, they are particularly busy at mo pushing everything through, and if you are mortgaging then you need searches / surveys... then throw in queries, and i'm sorry mate, but i'd be gobsmacked if you completed in three weeks. 8 weeks is the norm... plus side is the value your looking at means hike in stamp isnt as big as what it could be.
dodgy thing, I hope you know what your doing as I know countless friends that have been done out of thousands. it all sounds easy in theory. everybodys references check out yet after they been paying rent 3 months or so they suddenly decide to stop paying and think they can get away with it. time u are allowed to boot the out oull be thousands outta pocket. gotta be better ways of making money make money .
Sam, my advice would be to dip your toe first. Just concentrate on 1 house at a time. Unless these 3 houses are all next door to each other then doing all 3 at once sounds like asking for trouble. Also, take your time. Do your research and double check everything. A quick exchange isn't necessarily a good thing, gives you less time to make yourself certain of everything. You won't go from mortgage application submitted to completion in 3 weeks. Good luck.
Crap tenants damaged our annex before skipping out owing rent . Needed a full gutting and wiring to sort it and best part of £15k down the drain. So called good credit and "friends.". Not worth suing as they don't have a penny to their names but believe you me they run a mile when they see me or the missus, is great fun warning people about them when we see them out and about. It isn't slander if it is true Current tenant on the other hand is one of the good ones, but need him to stay for years before we break even.
Renting and tenant is not an issue.. my issue is and i going to have to pay £7.5k odd in stamp duty or £3.5k if i dont complete before end of month.. as it says 3%, but also says the first 40k will attract 0% tax https://www.stampdutycalculator.org.uk/stamp-duty-rates.htm
As stated, it's not in your hands but down to how quick the Solicitors move. If there really is that much of a penalty in a delay then U may have to 'Gee up' the Solicitors with a 'suitable bonus' if they get a move on! Tiz how the world works I'm afraid.
Prob is mate your joining at the back of a very long que.... I know, I'm at the front of it right now lol
Legislation isn't out til middle of next week. Everything so far is based on supposition from the announcement in the Autumn Statement last year, and the consultation that was issued. Ask me again on Wednesday evening as I'll probably have had to have read it by then.
