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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11148
Experience:  30 years as a practising solicitor.
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I would like to ask advice on mortgages and selling

Resolved Question:

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?
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
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.

Expert:  JGM replied 1 year ago.
You're welcome. Don't forget to leave a positive rating so that I am credited for my time.