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TaxRobin
TaxRobin, Tax Consultant
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Experience:  International tax
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We are moving home and have been unable to sell our current

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we are moving home and have been unable to sell our current residential property.
the mortgage condition for the new property is such that we sell our current property.
New Lender is happy for us to request a consent to let with existing lender and provide an AST to ensure we are not paying bills on the house.if we are able to let the existing property out ..are we still liable for a higher rate stamp duty when buying the new house.
Our intention is to sell the property what is the tax implication.?

Hello and thank you for allowing me to assist you.

You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.

You won’t pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.

If there’s a delay selling your main residence and it hasn’t been sold on the day you complete your new purchase:

  • you’ll have to pay higher rates because you own 2 properties
  • you may be able to if you sell you may get a refund if you sell your previous main home within 36 months
Customer: replied 1 month ago.
HiCustomerwill the 3% still apply if we get a consent to let before completion ?

I will check, one moment please

TaxRobin and other Tax Specialists are ready to help you
Customer: replied 1 month ago.
I thought you guys are the professionals...I've been waiting for a response sine 11:47. ...i'm not sure i want to pay £47 ..
"You’ll usually have to pay 3% on top of the normal SDLT rates if buying a new residential property means you’ll own more than one.You won’t pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold.If there’s a delay selling your main residence and it hasn’t been sold on the day you complete your new purchase:you’ll have to pay higher rates because you own 2 properties
you may be able to if you sell you may get a refund if you sell your previous main home within 36 months"its all on line.
I just want to know if we're still liable after getting a consent to let before completion or not ...also how long does it take to get a phone call back

I was checking on any exceptions for you specific situation. The consent to let does not change you situation. The 1st home still remains a property you own when you buy the 2nd.

I am sorry for the delay but I really wanted to check for you on possibilities.

Any call offer is site generated, I did not accept the call request because I had already advised I would check further/

If another expert picked up the request I can check to see who did.

Customer: replied 1 month ago.
ok , thanks for that....apologies.
This is all i want to know as the completion is set for tomorrow.
Thanks alot.
If you can ,Kindly cancel the phone call request.

You are welcome.

I will tell Customer Support to check on that phone offer and cancel