Changing investment property to PPR

Z

z106

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What is involved in changing an investment property to a PPR?

Do you just go to a solicitor and he changes the deeds or something?

Is there more to it?

Also - whats the story with stamp duty paid?
For example - if someone changed their investment property to a PPR one day after declaring it as an investment property,is all the stamp duty paid over gone for good?
Or can you get a portion of it reimbursed?
 
qwertyuiop said:
What is involved in changing an investment property to a PPR?

Do you just go to a solicitor and he changes the deeds or something?

Is there more to it?
Click to expand...
You don't change the deeds or need a solicitor. You just rent it out and take care of the relevant tax and other issues that arise. See the Property Investment forum, FAQ, key posts and many existing threads on this issue.
Also - whats the story with stamp duty paid?
For example - if someone changed their investment property to a PPR one day after declaring it as an investment property,is all the stamp duty paid over gone for good?
Click to expand...
Paid when?
Or can you get a portion of it reimbursed?
Click to expand...
No.
 
ClubMan said:
You don't change the deeds or need a solicitor. You just rent it out and take care of the relevant tax and other issues that arise. See the Property Investment forum, FAQ, key posts and many existing threads on this issue.
Click to expand...

Rent it out?
Are you thinking of going from PPR to investment instead?

I mean the opposite
i.e. going from investment to PPR

Therefore I wouldnt be renting it out - but instead moving in with tenants leaving.
 
Sorry my mistake. Again, assuming that you already own the property, you don't need any legal work. You just move in. You may be entitled to owner occupier mortgage interest relief on any outstanding loans used to purchase or renovate the property. When it comes to disposal CGT will still be an issue in respect of the rental period. You cannot claim back any SD paid.
 
You may also want to change your mortgage to a better rate. Usually the banks will give you a better rate for owner occupier. This should only entail a change of bank product (maybe a valuation for 130 quid if you are going for an LTV mortgage) and won't need a change of title/solicitor or anything like that.

Sprite
 
I know I'm probably stating the obvious but you can only have 1 PPR at a time (with some very limited exceptions). Presumably you are selling your existing PPR (tax efficient means of reducing a portfolio) or were previously renting/living with the parents?
 
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