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3% Stamp Duty Land Tax (SDLT) surcharge Query

Hi I bought a property in 2007 in Northern Ireland on residential mortgage (property in my name though married then). We moved out of it in 2009 for jobs which has been rented out since. We (property in both our names) then bought a BTL property in England in 2012 which has always been rented out. We have been living in rented accommodation since 2009. (2009-2015 in the first one, 2015-2016 in the second one and now third rented home in London). We would really like to buy a house to live, I guess we would be subject to the additional tax, am I right? We are massively in negative equity (-85k on purchase price) from the first property we bought in NI, would it make any difference?

Asked on Jan 26 2017, General in London | Report content

Answers (1)

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  • You currently own two properties so, yes it looks like you will be liable to the surcharge. The negative equity would not make a difference to the SDLT. On the other hand a) itmight make getting a mortgage to buy a place difficult, b) it is a capital loss which could be set against any gain on the other BTL property. So perhaps you should sell both BTLs?

    Answered on Jan 27 2017, Report content

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