Hi,
Apologies if this has already been covered, this is my first time posting here.
I own a small studio flat worth around £70,000. It is rented out to a tenant.
I rent my main residence with my wife.
We now want to buy a house to live in (worth around £5-600k. I plan to put the studio flat on the market, however it might take some time to sell.
Should it not sell and we go ahead with the purchase of the house, I understand we shall have to pay the additional SDLT (we could get a refund if the studio flat sells within 3 years, however we'd still have to pay the additional SDLT upfront).
My question is, for which property will we be charged the additional SDLT?
In my opinion it would be fair to have to pay the additional SDLT on the property which is rented out to a tenant and not the property we buy and live in (main residence). However, I have a sad feeling that this may not be the case?
Any help very much appreciated! Many thanks,
Mike
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