took out a mortgage to purchase apt A with friend in March 2003, year later we bought another apt B. In 2005, split and took out individual mortgages. As our sole aim was for both of us to own a home and I intended to be owner occupier and did not pay stamp duty.
Since Jan 2007, I have been renting to SW tenant. I realise I am now going to be penalised for clawback because I should have waited 5 years before renting. The Apt was valued at E250,000 in 2005, how much duty would it cost and would I be penalised also. My mortgage is a home loan, will I have to pay back Mortgage relief received since January 2007. I believe the revenue are investigating clawback since March of this year.
Can anyone advise where I can start to sort out the problem. Should I consult a solicitor or tax consultant first or should I contact my lender first.
Has anyone had this experience before?
any feedback gratefully received.
McGann
Since Jan 2007, I have been renting to SW tenant. I realise I am now going to be penalised for clawback because I should have waited 5 years before renting. The Apt was valued at E250,000 in 2005, how much duty would it cost and would I be penalised also. My mortgage is a home loan, will I have to pay back Mortgage relief received since January 2007. I believe the revenue are investigating clawback since March of this year.
Can anyone advise where I can start to sort out the problem. Should I consult a solicitor or tax consultant first or should I contact my lender first.
Has anyone had this experience before?
any feedback gratefully received.
McGann