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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11860
Experience:  30 years as a practising solicitor.
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I would like to ask advice on mortgages and selling

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Hi,
I would like to ask advice on mortgages and selling property. And what possible options I have.
I own a property that is valued at £300,000 and has a mortgage for £125,000. It is currently rented.
My partner owns a property valued at £265,000, she has a mortgage of £110,000 and has half share in the equity with her ex husband
I earn around £120,000 and have been told Incan have a mortgage of £600,000 by my current lender. Although, it is possible that due to the nature of my earnings this could be reduced to £550,000.
My partner and I have put an offer on a house for £750,000. Which we would both like to be on the mortgage.
Is it possible to retain one of the properties? How much sales tax on a second property is payable, is it 3% on £750,000 (£22,500)
If we sold both properties but both sales were not complete before purchasing the new house would we still have to pay the sales tax?
The additional second home tax is payable on the £750000. If your existing properties aren't sold in time, you would still have to pay the tax but could claim this back if the other houses are subsequently sold within 36 months. I hope that helps. Please leave a positive rating so that I am credited for my time.
JGM and other Law Specialists are ready to help you
Customer: replied 1 year ago.

Thanks.

You're welcome. Don't forget to leave a positive rating so that I am credited for my time.