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  • FIRST POST
    • bomber2
    • By bomber2 17th Mar 17, 12:55 PM
    • 315Posts
    • 6Thanks
    bomber2
    stamp duty question
    • #1
    • 17th Mar 17, 12:55 PM
    stamp duty question 17th Mar 17 at 12:55 PM
    i have had a offer for a house accepted,the house was a snip,i have a house of my own and iam think of renting out either my own or the one ive had a offer accepted on(its empty so so chain) iam liable for stamp duty i know,but if i was to sell my present home 2-3 month or whaterver after moving into the newly purchased home am i still liable for SD,i was also told if i rented my present home out for 3 years then sold it i wouldnt be liable for SD,is this true.
Page 1
    • marliepanda
    • By marliepanda 17th Mar 17, 12:59 PM
    • 4,385 Posts
    • 8,680 Thanks
    marliepanda
    • #2
    • 17th Mar 17, 12:59 PM
    • #2
    • 17th Mar 17, 12:59 PM
    It needs to be sold within 3 years. So renting it for three years is going to cut it close. You won't get extensions if your buyer is slow or your tenant won't move out
    Survey Earnings 2017 - 163
    • AnotherJoe
    • By AnotherJoe 17th Mar 17, 1:10 PM
    • 6,295 Posts
    • 6,667 Thanks
    AnotherJoe
    • #3
    • 17th Mar 17, 1:10 PM
    • #3
    • 17th Mar 17, 1:10 PM
    To be pedantic you'd be liable for it and would need to pay it but can reclaim it if you sell your current house before three years is is up and you are living in the new house. Because the rule is about replacing your main residence. If you don't replace it (e.g. You let out the new place as well an md went into rented) I think you would not be able to reclaim.
    • G_M
    • By G_M 17th Mar 17, 1:15 PM
    • 39,252 Posts
    • 44,603 Thanks
    G_M
    • #4
    • 17th Mar 17, 1:15 PM
    • #4
    • 17th Mar 17, 1:15 PM
    As above.

    Plus:

    * Tenancies in Eng/Wales: Guides for landlords and tenants This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

    Topics covered:

    * Repairing Obligations: the law, common misconceptions, reporting/enforcing, retaliatory eviction & the new protection (2015)

    * Deposits:
    payment, protection and return

    * Ending/renewing an AST: what happens when a fixed term ends? How can a LL or tenant end a tenancy? What is a periodic tenancy?

    * Rent increases: when & how can rent be increased?

    * Repossession: what if a LL's mortgage lender repossesses the property?

    * New landlords: advice, information & links

    * Letting agents: how should a landlord select or sack?
    • bomber2
    • By bomber2 17th Mar 17, 2:49 PM
    • 315 Posts
    • 6 Thanks
    bomber2
    • #5
    • 17th Mar 17, 2:49 PM
    • #5
    • 17th Mar 17, 2:49 PM
    if i rent out the new property and stay at my present address and sell the rented property before the 3 years is SD liable.surely it is.
    • marliepanda
    • By marliepanda 17th Mar 17, 2:57 PM
    • 4,385 Posts
    • 8,680 Thanks
    marliepanda
    • #6
    • 17th Mar 17, 2:57 PM
    • #6
    • 17th Mar 17, 2:57 PM
    if i rent out the new property and stay at my present address and sell the rented property before the 3 years is SD liable.surely it is.
    Originally posted by bomber2
    You'd still pay it as you haven't replaced your main residence
    Survey Earnings 2017 - 163
    • bomber2
    • By bomber2 18th Mar 17, 9:19 AM
    • 315 Posts
    • 6 Thanks
    bomber2
    • #7
    • 18th Mar 17, 9:19 AM
    • #7
    • 18th Mar 17, 9:19 AM
    seems only way to avoid SD is to sell present home.renting it is liable.i presume i pay it on purchase of the new house then claim it back on sale of present house(providing it sells within in 3 years)
    • G_M
    • By G_M 18th Mar 17, 11:35 AM
    • 39,252 Posts
    • 44,603 Thanks
    G_M
    • #8
    • 18th Mar 17, 11:35 AM
    • #8
    • 18th Mar 17, 11:35 AM
    https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional-residential-properties
    • AnotherJoe
    • By AnotherJoe 18th Mar 17, 6:48 PM
    • 6,295 Posts
    • 6,667 Thanks
    AnotherJoe
    • #9
    • 18th Mar 17, 6:48 PM
    • #9
    • 18th Mar 17, 6:48 PM
    seems only way to avoid SD is to sell present home.
    i presume i pay it on purchase of the new house Correct
    then claim it back on sale of present house(providing it sells within in 3 years)
    Originally posted by bomber2
    yes, providing you live in the new house.
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