I rented out my only house when I moved in with my partner 7 years ago.
We are unmarried and my partner owns the house we live in.
I’m intending to buy a house for me, my partner and the two children (one of which is my son).
Up until the change in Stamp Duty this month, I was intending to continue renting out my property and my partner was going to rent out her property (the house we currently live in).
I have a few questions:
Firstly, assuming I have not sold my rental property when I buy my new house, will the new property be classed as a second home and be liable to the higher stamp rate?
Secondly, I’ve heard that if I sell my rental property within 3 years of purchasing the new property I’ll get a rebate. Is this true?
Finally, does any of this have any bearing on my partner renting our her house when she moves in to a new house bought by me? If she is not the owner will it/will it not b considered as her second home.
Hope you can help.