Additional considerations in property investment
When dealing with a property that is not your primary residence, the legal process of buying or selling remains consistent, but additional factors come into play. These aspects may include understanding tax implications, potential rental income, or the intricacies of second-home ownership. Our experienced Residential Property Team is well-versed in handling these unique considerations. We’ll provide you with expert guidance to ensure a seamless transaction while addressing the specific elements that arise when dealing with non-primary residences, ultimately making the process as efficient and worry-free as possible.
Stamp Duty Land Tax
If you are buying an additional property your purchase will be subject to the higher rate of SDLT, which adds 3% onto the standard rates payable
Mortgages
If you require a mortgage for your purchase you will need a specific type of mortgage, allowing you to rent the property. Your lender will also need to be happy with any other mortgages on your own home or other rental properties you may own.
Capital Gains Tax
When selling an investment property you should take specialist advice from a Tax Accountant in relation to CGT and how it might affect the sale.
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