hi all,
ok so bought a house just over year and a half ago with a friend. We were both FTB and the house we bought was under stamp duty limit for second hand houses, so no stamp duty paid.
I am now considering buying an apartment myself, which will then become my PPR. The first house now becomes an investment property to me. BUT is still the PPR to my friend who will continue to live there.
So If I want to rent out my room in the house to cover my mortgage payments, I am obviously liable for clawback of the stamp duty.
The stamp duty we would have paid originally had we not been FTB, works out at 5% of 300K = 15K approx.
So my question is if I do all of the above, do I just have to pay my half of that stamp duty clawback (7.5K), since my friend is still living in the house.
Or would I have to pay the lot?!
thanks in advance for any advice
Roz
ok so bought a house just over year and a half ago with a friend. We were both FTB and the house we bought was under stamp duty limit for second hand houses, so no stamp duty paid.
I am now considering buying an apartment myself, which will then become my PPR. The first house now becomes an investment property to me. BUT is still the PPR to my friend who will continue to live there.
So If I want to rent out my room in the house to cover my mortgage payments, I am obviously liable for clawback of the stamp duty.
The stamp duty we would have paid originally had we not been FTB, works out at 5% of 300K = 15K approx.
So my question is if I do all of the above, do I just have to pay my half of that stamp duty clawback (7.5K), since my friend is still living in the house.
Or would I have to pay the lot?!
thanks in advance for any advice
Roz