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meighy

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About meighy

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  1. I have a similar question, but to do with owning a residential home. Is this really a necessary? Or will lenders still be happy to lend? I earn over the 25k mark, but I’m worried not owning my own home will stop me in my tracks to purchasing my first BTL (which will be through a LTD company)
  2. Hi Vips Did a bit more research myself today, seems that way. Found this; Is the first dwelling purchased by a Ltd Company exempt from the 3% surcharge?No - all purchases of residential property within a limited company are subject to the surcharge. I own a rental property; will I have to pay the 3% surcharge when I buy my first home?Yes – it is the number of dwellings owned by you, not the use to which they are put that determines whether the surcharge is payable. I own a buy to let property in a limited company and now want to buy a home to live in – will I pay the 3% surcharge? A limited company is a separate legal “person” from you, so (in law) you do not currently own a “dwelling”. Consequently you will not have to pay the 3% surcharge when you buy your home. From; https://www.mortgagesforbusiness.co.uk/news-insight/2017/march/stamp-duty-faqs/ Think ill try and get this confirmed from a mortgage broker/accountant. Then im ready to go!
  3. Hi Vips I am in a similar situation, looking to purchase my first property as a BTL in a LTD company. I know the SDLT for buying in a LTD company is always the higher rate. However, I would also like to know when coming to buy my main residence as an individual will the higher rate SDLT be applied or because the LTD company is its own entity will purchasing as an individual mean normal rate SDLT is applied. Let me know if anyone has answered your question Thanks
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