rent or sell?

S

sinead01

Registered User
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i really need advice on this as very confused on information on the internet as it doesnt explain everything together.
we are thinking of buying a bigger house and renting our existing house where we still have an outstanding mortgage, now the thing is we are only living in this house for a year.
i've heard you have to be living in a house for 5 yrs before you can rent it out to avoid a stamp duty clawback as if it was bought as an investment property?we didnt have to pay stamp duty before on this property. also we would like to keep this existing house, dont want to sell it.
i've also heard about claiming back VAT on expenses incurred while renting or something on a % of the mortgage amount?

can anyone advise on this or anyone that has been in a similar situation? are we better living in our house for another 4 yrs and then consider it?
 
A FTB cannot rent out the property before they have lived there for 5 years. If they do so there is a stamp duty clawback at investors' rates. It was possible to reclaim the vat amount on a new build if bought as an investment property. Haven't had a chance to read up on the latest news yet but as far as I know, this will no longer be possible this year.
 
thanks for that liteweight. i thought that so in order to rent we would have to come up with the stamp duty clawback amount basically.
 
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