Advanced search

Buying a second home

(2 Posts)
itsbritneybiatches Sat 22-Dec-18 08:16:30

I'm halfway through a mortgage application to buy my current home and it's just in my name.

I'm due to get married next year.

My partner is also going to buy a house next year I just his name.

We live together. When my partner buys the second home, we will live there and a family member will live in our current home that I am in the process of purchasing.

Can anyone advise what taxes we will be subject to on the second house. We will be married at that point but have a house each in single names not joint names.

OKhitmewithit Mon 07-Jan-19 08:37:19

You will pay income tax on the rental income. You will pay CGT on the gain in value when you sell, minus some allowances.

Stamp Duty on the 2nd purchase, I think when your husband buys you will no longer qualify to have the additional 3% exemption. He should buy before you marry to miss that.

Join the discussion

Registering is free, quick, and means you can join in the discussion, watch threads, get discounts, win prizes and lots more.

Get started »