Due to exchange tomorrow - WWYD

[helpmyback]

Due to exchange tomorrow. We couldn't sell ours in time to secure new property a so decided to rent it for two years and then sell it.

There for it is a 2nd home and due to the budget it will be 6k more in stamp duty

We can claim this back if this back property sells in three years we have tenets in for two year the a year to sell.

What a house of cards.

Would you proceed or pull it?

Very annoying as original completion date was supposed to be tomorrow and the sellers solicited are a bit inept.

If you can claim it back, as I think you can, you can still buy (assuming sums add up). Personally, I wouldn't be renting it out though. I would be marketing it right now and trying to sell swiftly.

What are your reservations right now re the purchase?

We couldn't do that (as far as I understand which is not much) as our BTL mortgage was fixed for two years

We wouldn't have been able to proceed without letting out out

Just the extra money also it is really risky and I'm quite risk averse I wasn't 100% sold on BTL either

Thanks @rainingsnoring

I would proceed as planned, then sell as fast as possible after 2 years and reclaim your stamp duty excess.

I think at the point you should proceed. I'm in a similar situation but going to be even more out of pocket. It's shit.

Just to clarify, have you moved out and are renting out the property already?

How much would it cost you to break the 2 years? It’s usually an early repayment charge of x%.

I would be concerned about tenants that didn’t want to leave after two years and the legal eviction process taking you over the time limit for refund of stamp duty.

Yes also been a worry but now even more of a risk

We are living in at the moment and due to move out in two weeks and tenents in a week after

@Mewthree is rubbish I'm so sorry for you.

I'm annoyed as we are a hard working family who want to move not a greedy landlord :(