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Found 47 results

  1. Hi Property Hub Wondering if you could help me. I'm looking to buy a property with a limited company - I know you pay the 3% surcharge on stamp duty - but can you claim that back if the property sells within 3 years? As is the rule when purchasing as an individual. And could you point me in the direction of any resources on the subject? I'm struggling to find any definitive answer online. Thanks! Durian
  2. Hi, I am aiming to transfer two properties which are currently in my name into a ltd company. I don't have the funds in the ltd company to put down a 25% deposit on both properties. I would effectively want to use the money released from the sale as a director's loan to buy the properties. Is this possible? Or is there any way to transfer the properties without saving up a whole new deposit? Furthermore, does any property bought by a ltd company incur the extra 3% stamp duty, or is a ltd company exempt from additional stamp duty for its first purchase? Thanks
  3. Hello! I'm wondering if anyone can help regarding a stamp duty question? If i were to buy a property as residential for cash and then remortgage under a FHL (Investment property), would i then be able to buy a new residential property without having to pay the higher rate of stamp duty? In short, is the above a way of acquiring two properties without paying the higher rate of stamp duty? Thanks!
  4. Paddy

    Stamp duty

    Hi all, I have just sold my own residential home. I am looking to buy a BTL in my ltd company shortly (2 months). However, in approximately a year I will want to buy a home to replace the residential home that I have just sold. Will I use up my stamp duty relief by buying the BTL in the LTD company? Thanks for any help Paddy
  5. Hi Hubbers, Apologies if this has been asked and answered before (I could find anything in the search option). A potential flip has just come on the market directly opposite my main residence that I own jointly with my partner (we aren't married). >>I'm thinking I could move in across the street whilst the refurb is being undertaken, and make this my primary residence (with my partner continuing to live in our existing house) I'm guessing this would mean that I would: Get CGT relief as the flip is my main residence. Avoid the 3% surcharge on purchase of the property as this is replacing my primary residence. However how would the tax man view the stamp duty we previously paid on our primary residence (i.e. the house me and my partner live in currently)? Would they expect some clawback? Anyone have any other potential pitfalls to what I've described? Thanks hubbers! Jono
  6. Hi everyone, I live in London and the rent I pay at the moment is much lower than the mortgage I would pay to buy the same kind of property here (like 40% cheaper). So, I'm thinking to invest my money in a buy-to-let somewhere else and keep renting in London. But I cannot find enough information online to understand if it's a good idea: Will lenders allow me to do buy-to-let as a first investment? Will I lose the the ability of using only the 10% deposit when I will buy my own house in the future? How will the Stamp Duty work? Will I pay less in the first buy-to-let and more in the future own home? Thanks in advance for any help!
  7. Buy to let Ltd company. I'd be really gratedul if any one could offer some advice as I've tried countless local accountants and cannot seem to find one to give me the exact answers I need. I'm at the beginnings of setting up a ltd (spv) company to hold my current main residence, which isn't mortgaged and wholly owned valued at around £150k. Once it's tenanted I want to release some equity/mortgage from the property and start purchasing buy to let's. I'm a higher rate tax payer and also buying a new property with my partner. I've worked out it would make more sense to use the ltd company for tax efficiency purposes. I.e. no additional stamp duty on the new purchase with my partner that would be our first time buy. And also savings on paying at 40% tax with regards to rental income. My question is if my new company were to buy the property off me (which I would sell as a director's loan) would it be subject to any stamp duty,? (Or Land transaction tax, as the property is in Wales). If I do have to pay then it doesn't make much sense to transfer it in terms of additional stamp duty savings associated with me buying the new property with my partner as an 'additonal' rather than 'first buy' My other question is whether someone can recommend a good national accountants or solicitors which specialise in this type of area that I can use? As I'd rather pay a fee and use someone to set it up for me than do the accounts myself . Apologies for any confusion or misunderstandings I may have as I'm rather green to this at present. Thanks in advance, Kind regards, Darren.
  8. Hi, Does anyone know if I was to set up a limited company to own a property with a sole director, would there be any additional stamp duty implications or issues with the lender if another director was added to the company at a later date? Many thanks
  9. Any Tax Savvy People? Would you be able to help or clear this up if you have time please. I am purchasing a property with my friend (we both live together) who is a first time buyer and i have purchased a BLT but don't own any residential property. We are buying in Glasgow and would love to avoid Stamp duty. We have a mortgage company who will lend 90% LTV and my friend will be named on the title and i will be the beneficiary. If i wasn't the beneficiary we wouldn't get the 180k amount need to purchase the property. Therefore setting the mortgage up this way we believe that Stamp Duty would be avoided as my friends first time buyer rights would be in place and me being the beneficiary i wouldn't active the 2nd property Stamp duty. Have any of you came across a situation like this before and any advise would be amazing. Eamon
  10. Hi all Hoping some of you might be blessed to help as I’ve been unable to find the answer anywhere else. Me and my partner bought our residential home last year and paid the 2nd home surcharge as I own another flat (no Morgtage). We are now setting up a BTL business with a third party using a LTD company set up, we’ve had issues trying to sell the flat (which is where a large portion of our funds for the company are to come from) and want to let it out for a short period (it’s service charges are too high to make it a good investment long term) to get some come income to cover the costs. My question is this- if we moved it into the company could we claim back the second home surcharge as the title will have changed, even though I own 33% of the company? I know there will be costs involved in doing this (we estimate to be about £4.5k) but there’s about £17k that we could claim back so something we’re keen to do if possible. Thanks James
  11. Hi, Having spent a significant amount of time online researching and assessing my options, I have yet to come to a conclusion. Please could you help? I live in a flat valued in the region of 300k I am moving to another city due to work and I am a higher rate tax payer I'd like to rent out my current flat (main residence) via Ltd company (SPV) as I intend to build a portfolio going forward. How do you go about with the sale and mortgage (ltd company)? I have a mortgage broker already How would you value the current flat to sell to the ltd company? Is it better to value it low and sell to the ltd company? In which case stamp duty is low but I have less equity to apply for LTD company mortgage (%LTV) Or value higher? SDLT is higher, but I have more equity when applying for BTL morgage? Am I missing something here? Is there anything else I need to consider? Many thanks for your help! Ron
  12. Hopefully I won't complicate my own matter.... I currently own a property by myself which I want to rent out, I'm looking to purchase with my partner (he is a FTB) but really want to avoid stamp duty, I've heard of setting up a limited company could help. But where do I start? What actions do I take to set up a company? Lastly, to avoid paying more tax, should I transfer my current property into the company name or put my new property into my companies name? Thanks in advance
  13. I'm going to try and be as succinct as possible. I have £120,000 of mortgage left on a property worth £200,000. I am the only owner. I want to keep and rent this flat out whilst... Buying a new residence with my GF to the tune of £350,000. I would need to release £30,000 equity from the flat to do this. That would leave £50,000 in the flat for a 75% LTV. We would be able to achieve a 20% deposit on the new Residence (£70,000) but would be more comfortable with a 15% deposit. Would this cause any issues for us elsewhere? I want to know what the best way to do this is with regards to Stamp Duty and whether or not I should keep the flat in my name or set up a LTD company to do this. Will I end up paying the 3% increased Stamp Duty on our new residence (costing us around £10,000 extra) just because I wanted to keep the flat to rent it out? Does using a LTD company avoid this? Is the type of mortgage I want to do this called a Let-To-Buy mortgage? Is there anything I need to know about them?
  14. Hello everyone :) I was wondering if I could pick the hive mind as I am been searching for the answer to this question without success. I currently only one property that is rented out (on a residential mortgage) and I am currently in a rented property. Property is much more expensive where I live now and I will be hammered for a lot of stamp duty, whereas the property I currently only is a relatively cheap property. I am considering setting up a limited company, selling the house to the ltd (I will pay 3% ST on this), and then buying another property (which will be my only one personally owned by me, but obviously I will be a director of a limited company that owns one). Does anyone know what my stamp duty liability would then be on this new property? Thanks +++ in advance for any advice or comments you can offer! Louise
  15. Morning folks I bought a property jointly 50/50 with my brother. This was before the rules about Help to Buy and 3pc surcharge were in place. My wife and I live here now and we want to buy my brother out. My wife has been saving in a help to buy ISA and has no other property in her name. What are the implications of transferring equity from my brother to my wife? 1. Stamp duty payable on 50pc of market value? 2. Stamp duty payable on 50pc of mortgage outstanding? 3. 3pc surcharge applicable? 4. Will she benefit from the help to buy bonus? Anything else? Thanks
  16. After some collective wisdom please I am currently remortgaging my family home and in discussions with my husband on potentially buying him out. If I were to buy him out and remortgage in my sole name; 1- we paid higher rate SDLT when bought our home (as I already had a BTL previous to the marriage which i previously lived in) - could i request a refund? 2 - would he be liable to pay higher rate of SDLT when he can afford to buy his own home? 3 - he isn't entirely keen on being removed from title deeds because of future potential profit on house - would a deed of transfer work? 4 - currently have an SPV (both directors) which I plan to divy up later, but would this be impacted in any way? Many thanks!!
  17. Hi All, I've been listening to R&R for a couple of years now but first time on this forum. Hopefully I can get some help. I live in London in rented accommodation and have just bought my first property £65k) in Scotland through a limited company set up with a friend. I'm concerned that by purchasing this property I may now be impacted by the new stamp duty surcharge of 3% when it comes to buy a property for me to live in. Assuming this will be in London would mean that it would cost me a min of £10-15k in tax which would spoil the benefits of my limited company investment. I asked a solicitor, and accountant and a mortgage broker for their advice and they all said that they "believe" I would not be impacted, but then I heard a tax expert on the property podcast (ASK121) say that the surcharge would be applied in this case. Not sure why I can't get a straight and definite answer from any of these advisors. Sorry for the long message but can anybody confirm or deny if the surcharge would be applied on my first time personal purchase if I already have a property through a limited company? Has anybody been in this situation who could share the ecperience? Thanks! Ricardo
  18. Hi everyone, My two brothers and I are looking at investing in quite a residential property. We have started a limited company as have been advised this is best for tax purposes for us. One brother already owns a house already. Will this affect the bracket of stamp duty when buying through the company? Any help would be much appreciated. Kind regards Will
  19. Hi Guys I'm a new developer, I own my own home personally however I'm currently buying a second property with my Limited company for £55,000 (terraced house) Am I liable for stamp duty ? Have these rules changed recently ? Regards
  20. Hi All, I am considering purchasing a leasehold flat which has 85 years left on the lease. Asking price is 80K with £200 service charge, article on moneysavingexpert suggests the cost will be around 8.5k to extend the lease which would be 2 years down the line. Question is would I also incur stamp duty again when extending the lease? If it does then potential looking at more like 11.5 K !!
  21. Hi all, I was hoping to get a bit of advice on stamp duty and ways to avoid the additional charge. I currently own the flat I live in and I'm looking to buy a place with my fiancé (a first time buyer) and rent out my current flat. A result of this is the 3% additional stamp duty on our next purchase which is pretty brutal, but I was wondering if there are any ways round that? In particular if the use of a tenancy in common between us apportions the stamp duty or if it makes no difference. We still have some time before our wedding so there is scope to complete on a place before we're married if that offers some advantage to our property situation. Any thoughts or advice would be greatly appreciated. Thanks, Jordan
  22. Hullo! I think I know the answer to this but just wanted to double check as I can't find this specific example in the HMRC guide to stamp duty surcharge (although admittedly I may have missed it as I became glassy eyed half way through!). So I am planning to set up a SPV Ltd Company for my BTL portfolio. I currently don't have any BTL but I do jointly own a house, which is my main residence. My question is will my 1st BTL, purchased through a LTD Company be considered my 1st or 2nd home.. or in financial terms... will I have to pay 3% SDLT or 0% (assuming it falls under 125k)? I'm at the number crunching stage so want to ensure I have my facts and figures correct! Until now I have been using the Which BTL Stamp Duty calculator with some confusing results.... Thank you in advance Thandi
  23. Hi there, Today i phoned for the first time a group of solicitors to ask how much would i have to pay in legal fees and in stamp duty for my First house (1st time buyer) and how much the stamp duty would cost me. They said that for a 250000£ House i would not pay stamp duty since i am a first time buyer and i will live in but i would have to pay a high rate stamp duty on my second purchase purchase is this case a B2L or a HMO. They talked around 14000£ for the stamp duty of the second house and i was completely shocked to hear that. Is there any way that i can go to avoid this? I am also be using 2 Lifetime ISA to fund the deposit for the first house since i will live in it for a while 2years or more. Best Regards
  24. Hi, I have a specific question regarding stamp duty. I do own a house right now in India and so I am aware of the higher rate of duty to be charged. Were I to transfer the title of my India property to my minor daughter will my purchase in the UK, which we plan to be as our place of residence be charged at a lower rate? thanks, RI
  25. Apologies if you've seen this post in the wrong section. I've re posted here now as it seems more fitting. I own two BTL properties, but not my own residential property (I rent). I'm looking at buying a residential property. Am I right in saying I have to pay the 3% stamp on the residential I'm looking to buy? Thanks in advance for any help. Paddy