Second home stamp duty (Scotland)

Pixie5740

I'm not sure what you've based your theory on as in reality you already own two properties. The Additional Dwelling Supplement to LLBT was announced months ago so it's not really last minute.

Your choices appear to be:

1. Complete the purchase and pay the ADS.
2. Pull out of the sale, sell your BTL properties and then buy a main residence.
3. Pull out of the sale and continue renting.
4. Lobby the Scottish government.

Although not all of those options might be suitable depending on whether or not you've already signed the missives.

marksoton

I'm utterly shocked by the number of so called professional business people who are claiming this has come as a shock....

googler

marksoton wrote: »

I'm utterly shocked by the number of so called professional business people who are claiming this has come as a shock....

When were the changes (to LBTT, in Scotland) first announced?

marksoton

googler wrote: »

When were the changes (to LBTT, in Scotland) first announced?

16th December 2015

Pixie5740

The ADS bill was introduced into the Scottish Parliament by the Deputy First Minister and Cabinet Secretary for Finance, Constitution and Economy, John Swinney MSP on 27 January 2016.

Donnaw

Yes I know, I feel stupid enough as it is. I'm normally pretty good at this sort of thing but somehow I've missed this one. I know now it was announced in Dec and went through in March but surely my solicitor should've mentioned the additional charge and put it in the estimated solicitors fees? Is this not what we pay them for, to get professional advice in areas we may not be up to speed with?

agrinnall

Donnaw wrote: »

Yes I know, I feel stupid enough as it is. I'm normally pretty good at this sort of thing but somehow I've missed this one. I know now it was announced in Dec and went through in March but surely my solicitor should've mentioned the additional charge and put it in the estimated solicitors fees? Is this not what we pay them for, to get professional advice in areas we may not be up to speed with?

But was your solicitor aware that you already owned other properties? If they were, then yes, they should have included it, you'll still have to pay it but you might get a small discount on the solicitor's fees if you put in a complaint.

Thrugelmir

Donnaw wrote: »

Yes I know, I feel stupid enough as it is. I'm normally pretty good at this sort of thing but somehow I've missed this one. I know now it was announced in Dec and went through in March but surely my solicitor should've mentioned the additional charge and put it in the estimated solicitors fees? Is this not what we pay them for, to get professional advice in areas we may not be up to speed with?

Using that logic you could apply it to any number of aspects of life.

Donnaw

We discussed it with our solicitor in person and over the telephone as they were aware that some of the equity in my property was released as part of the deposit on the new property and they needed to see proof of this. But they are now saying that they weren't aware. Obviously now we have to pay but I don't think I've anything in writing to use as proof that they were aware of the additional properties. Feeling annoyed with myself and wondering where to get the extra £7500! Thanks for your reply

Donnaw

Yes, cheers for that advice 🤔