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3% Stamp Duty rise maybe applied to Main Residence too.
Comments
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I'm intrigued to know what will happen to those whose divorce settlements (meshers?) which mean the NRP owns a share of the former matrimonial home but is not able to sell/dispose of it until child reaches a certain age. Does that mean mesher orders will mean they incur the SDLT on their principal home purchase.
Curious.0 -
read post #8bridgend_girl wrote: »I'm intrigued to know what will happen to those whose divorce settlements (meshers?) which mean the NRP owns a share of the former matrimonial home but is not able to sell/dispose of it until child reaches a certain age. Does that mean mesher orders will mean they incur the SDLT on their principal home purchase.
Curious.0 -
Thanks I have. Most discussions seem to focus an BTL etc and the fall out for those constrained by court orders seems overlooked. Was just mentioning those that have no power of choice regarding their status.
Is there any indication about when details will be published. House sales being the slow moving beast that they are, it all seems a bit too little notice for many to make informed decisions upon.0 -
As a broker with a considerable volume of parental assist, divorce/separation and Let to Buy cases you can rest assured we are not 'focusing on BTL etc' (indeed anything but as they are pretty much 'cut and dried').
I have spent many hours trying to get definitions of over half a dozen regular scenarios and the potential impact - the result of which I define in #8 above, namely: "I suspect it will be some weeks before any authoritative documented clarification becomes available".
If I have been able to update our notes (from definitive sources) before the end of January I will be surprised !Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
If you sell your main residence to buy another then the 3% extra will not apply
fj0 -
We're in this exact situation right now - we've had an offer accepted on what will be our new main residence. Current house (which is in my name only) will be let out.
Worried we wont complete before the 1st April..
Rich
So you'll own multiple properties, why shouldn't you pay extra tax?0 -
polyphonic99 wrote: »With respect, I don't think you have quite understood. I am NOT talking about the situation where you buy your next main residence before you sell your existing one, and then pay the 3% tax and get it refunded if your old main residence is sold within 18 months
I am talking about the following:
You currently own 2 properties: your own family home(A) AND a second (or share of a second) property eg BTL or Holiday Home(B)
You then want to sell your family home(A) and move to another one(C)
When you sell your family home you still have the "second" property(B), which then becomes your "only" property
When you purchase your new family home(C), since you already own a "first" property(B), even if it is a BTL or Holiday home, then your new family home(C) becomes your "second" property for Stamp Duty purposes and so you have to pay an extra 3% Stamp duty and that will NOT be refundable, unless you also sell the second property(B) BTL/HH within 18 months.
So if you have 2 properties now (A) and (B)and want to move to a new family home(C), to avoid the extra tax you would have to sell BOTH properties (A) and (B) and if you did that you would be liable to CGT on your non-main residence property(B)
If you have no intention of selling property(B) but only want to move your family home (A) to (C), you would have to pay the extra 3% Stamp Duty, and it would not be refunded.
To play devils advocate so what? There's nothing to say that's what you will actually do. As with any new tax legislation people will attempt to find loopholes. This as much a political decision as much as a tax raising exercise.0 -
I'm interested to see what the case will be if you buy a new property, but instead of selling your existing main residence you retain it to let. This is what I was hoping to do in a few years with my current home.
And if the surcharge would apply, what would happen if the existing residence is owned by a sole person, but the new purchase is joint with someone who's a FTB.
In that situation right now, I have already arranged my let to buy (before budget) and am looking for a residential property. No idea what to do, even if I find a house today it's unlikely I will complete by 31st March. With things the way they are I feel I cannot make an informed decision.Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.0 -
polyphonic99 wrote: »Which party is Osborne in again?
This is somewhat disingenuous.
It's fairly typical of the electorate to be "crying out" for something to be done, and then when politicians take "necessary" measures they whinge about it.
In the situation where you buy a property whilst still retaining ownership of another, you may pay more SDLT... or you may not... depending on detailed rules yet to be announced.0 -
Hi - a potentially naive question but hope someone can help. I'm looking to buy my first house in the new year with the help of my mum who will get a joint mortgage with me (as on my salary alone I won't get a big enough mortgage for a property in London)
My mum has a number of properties - will we hit by this rise in stamp duty given I am a first time buyer and this property will be my main residence?
Thanks!0
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