Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 3 weeks ago 48
I have 3 properties. 2 BTL’s which are mortgage free, and my current private accomodation. I have had an offer accepted and in the early stages to moving forward with the legal and mortgage applications for this new property. After the purchase I will have 4 properties. I plan on renting out the property that is currently my private residence.
My question is, will I have to pay the enhanced stamp duty if I am buying another property which I intend to occupy as my private residence? Im getting conflicting opinions from my mortgage advisor, legal advisor and people I speak to.
As a second query – Is it worth incorporating the 3 BTL’s prior to 31/3/16? two of the properties are below £150k in value each.. One is c.£200k in value. Will SDLT and CGT apply and how can I get these minimised?
Also, is it too late to get this done by 31/3/16? Presumably I need to involve a solicitor and an accountant?
Thanks in advance everyone.
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