Replacing main residence, part-funded by remortgaging rental property
Posted: Sat Nov 10, 2018 6:51 pm
Hi,
I am selling my current Main residence and moving to a new Main residence on the same completion day.
aka replacing Main residence.
I have a second property which has been a rental property for years. It was my former home 15 years ago so had a residential mortgage with consent to let, income taxed etc.
High street lenders wouldnt touch the new Main residence for mortgage - So to fund the purchase of the new Main residence i remortgaged the rental property to a BTL mortgage and those funds in addition to funds from the sale of current Main residence cover the cost of the new Main residence.
My solicitor quoted for SDLT at the lower rate originally, but in the completion statement has declared SDLT is due at the higher rate.
Has the solicitor made a mistake? or have we come under some bizarre loophole?
thanks
Rob
I am selling my current Main residence and moving to a new Main residence on the same completion day.
aka replacing Main residence.
I have a second property which has been a rental property for years. It was my former home 15 years ago so had a residential mortgage with consent to let, income taxed etc.
High street lenders wouldnt touch the new Main residence for mortgage - So to fund the purchase of the new Main residence i remortgaged the rental property to a BTL mortgage and those funds in addition to funds from the sale of current Main residence cover the cost of the new Main residence.
My solicitor quoted for SDLT at the lower rate originally, but in the completion statement has declared SDLT is due at the higher rate.
Has the solicitor made a mistake? or have we come under some bizarre loophole?
thanks
Rob