C
clancg
Guest
Hi,
I've looked through many of the posts and am not sure that I've understood everything correctly.
I'm thinking about buying a site and building, and am trying to get a handle on potential hidden costs.
I bought my house 2.5 years ago for 215k. It is now worth approx 320k.
As a first time buyer, I was exempt from Stamp duty when I bought. As long as I sell , and do not ever rent out my current house, Stamp duty clawback will still not be an issue?
Will Capital Gains Tax hit me instead?
When I buy a site and later build, to what extent will I be subject to stamp duty again?
I had been thinking about a remortgage, and then came up with the idea of building - so delayed it.
I would now need to remortgage, including the amount to buy the site and finance the build in addition to the ongoing mortgage costs of my existing house.
How do the lenders handle this? Do they just lump all of the costs together up front, and charge for that, or can you structure it in some way where you're not carrying the full costs of 2 houses until ready to move?
Thanks
Clancg
I've looked through many of the posts and am not sure that I've understood everything correctly.
I'm thinking about buying a site and building, and am trying to get a handle on potential hidden costs.
I bought my house 2.5 years ago for 215k. It is now worth approx 320k.
As a first time buyer, I was exempt from Stamp duty when I bought. As long as I sell , and do not ever rent out my current house, Stamp duty clawback will still not be an issue?
Will Capital Gains Tax hit me instead?
When I buy a site and later build, to what extent will I be subject to stamp duty again?
I had been thinking about a remortgage, and then came up with the idea of building - so delayed it.
I would now need to remortgage, including the amount to buy the site and finance the build in addition to the ongoing mortgage costs of my existing house.
How do the lenders handle this? Do they just lump all of the costs together up front, and charge for that, or can you structure it in some way where you're not carrying the full costs of 2 houses until ready to move?
Thanks
Clancg