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Harris, Law Specialist
Category: Law
Satisfied Customers: 2851
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
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I am in rented accommodation and looking to buy a property

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I am in rented accommodation and looking to buy a property with my wife. I also have two properties that I rent out to tenants that I've had for around 10 years. The property I am currently renting is my main and only place of residence and this will be the case with the house that I buy. My question related to the new Stamp Duty laws which come into effect in April - will I be liable for the higher rate as a second home or as the new property is replacing my main residence will I just pay the normal rates. I've checked the website and their seems to be contradictory answers - in some places it says I should be higher rates but others it says I shouldn't.
Hi, thank you for your question. Rented accommodation is not considered main residence for stamp duty purposes. As you own two other properties you will be liable for the higher rate stamp duty.If you have any further questions regarding this please let me know. In the meantime if you found this information helpful please provide a positive rating. I will not be credited for answering your question without a positive rating. Thank you
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Customer: replied 1 year ago.
Thank you. But won't the new property I am purchasing be my main residence? The example that was given on the website was someone renting out two properties, selling their main residence and buying a new main residence. In that scenario they were not liable for higher rate stamp duty. Is the important factor here that I am currently renting and not selling a property?
You will have to "dispose" of your previous main residence and replace it with the new one. Under the guidance rented properties cannot be disposed of. So yes, the factor in your case is that you are renting your current main residence which does not exempt you
Customer: replied 1 year ago.
Ok thanks, ***** *****
Good luck with the new purchase. If you have any questions in the future you can ask for me directly by starting your question For Harris