If the mortgage on the existing property is over £250,000, there is stamp duty to pay on the transfer of that property from 2 names to one name. That’s why I asked how much the existing mortgage was.
Provided you are not on the deeds of the existing property at the time you buy the new property, then it isn’t a second property.
If you are still on the deeds of the existing property at the time you buy the new property, you would pay stamp duty at the increased rate but if you came off the old property within 3 years, you would be able to recover it.
The rules are far from straightforward and here is a bit of clarification: https://www.blakemorgan.co.uk/training-knowledge/features-and-articles/stamp-duty-land-tax-3-surcharge/
Can I clarify anything else for you?
I’m happy to answer any specific points arising from this.
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