9:36 AM, 6th August 2020, About A year ago 3
I’m a landlord with a small portfolio who is looking to sell my primary residence (as far as HMRC are concerned) and relocate to the south coast into a higher value property. The option of simultaneously selling and buying, although it can solve some problems, comes with its own challenges, and so I wanted to look at alternatives.
Having cash, I felt, would also give me more benefits when coming to buy. The options I have are either:
1. I could sell my house and move into one of my smaller B2L flats for a few months whilst we search for a new primary residence. This would then return to my B2L portfolio. The drawback is I’d still be a distance from the house-hunting areas I’d like to be in, though the logistics of putting a roof over our heads would be simpler
2. Move to the south coast area and rent for say 6-9 months to get the best deal I can. The drawback would be the hassle of being a tenant again; checks, deposits, contracts etc.
As I want to avoid the extra 3% SDLT on the purchase of what will be my new primary residence I wanted to know if there would be different SDLT implications of choosing either option. Am I missing something? Could there be better options? Other factors I haven’t thought about, e.g. CGT?
Thanks in advance
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