I have a question regarding stamp duty. I have lived in Germany for 20 years while owning a property in the UK that has been continually rented out for over 15 years.
I am looking to return to the UK and purchase a new property, while keeping the old one rented out – not selling it. As I understand, the new property in this scenario is classed as a main residence (as the old one is rented out), resulting in the lower stamp duty rates.
My problem is with the following two scenarios. Will the new property still be classed as a main residence, or as an additional property which then incurs the higher stamp duty rates?
Scenario 1 – I move to the UK and live in my old property to give me time to find a new one. On purchase of the new property and on moving out of the old one, the old one is rented out again.
Scenario 2 – I move to the UK and initially live in my old property. I use this time to find a rental property (12 months for example) and then rent out my old UK property again. I then, while living in the new rental property, purchase my new home.
Any thoughts and help would be much appreciated.
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