3% SDLT on Ltd buying a residential

[fellatthefirst]

Hi

I am wondering if anyone on here can clear this up.

If a limited company buys a residential property does it have to pay the extra 3% SDLT if the directors already own their own property?

Scenario is i own my own family home. I have set up a Ltd to buy my first BTL. Do i have to pay the 3%? Amazingly i'm struggling to find a definitive answer on this. My solicitor says i will have to pay it but my mortgage broker is pretty adamant i don't if the Ltd is only buying 1 property.

The mortgage broker seems to think that if you set up say Property Company A Ltd and bought 1 place you could avoid the 3% and then if you set up Property Company B Ltd and bought another place you could again avoid the 3%. This seems a bit too good to be true to me?

Can anyone who has been in this situation give me a first hand answer?

Thanks in advance.

[fellatthefirst]

Thanks,

The property lawyer i am using for the purchase has just sent me a quote which includes the 3%.

I have no idea what the mortgage broker is going on about. He was so adamant on the phone that you don't need to pay it and you can just keep setting up Ltd's to avoid it.

[fellatthefirst]

Here's another question for you knowledgable lot...

So now my Ltd owns 2 flats. Say I want to sell my own house and move to another, do I now have to pay the extra 3% or am I exempt because my Ltd is a separate legal entity from me personally?

[fellatthefirst]

Is the BTL in your name or a company name?