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Reclaiming higher level stamp duty once youve sold your house
Blush2783
Posts: 34 Forumite
Hello, we are almost at exchange (hopefully this week) and I got some documents from our solicitor today in the post. I will be asking him these questions on Monday but would be interested to hear if anyone knows about it.
A house came up in a road that we've always liked and we went to have a look and loved it. We hadn't looked at properties before this and up until then had no intention of moving. We then decided we would like to try to buy it and were very lucky that my parents have offered to loan us the money to be cash buyers as it was unlikely that we would have managed to get our house on the market and offered on before someone else would have bought the house we liked. We will then give them the proceeds of our house sale when that goes through.
We put in an offered and it was accepted. Our solicitors then informed of us in early February of the new second home higher rate stamp duty but it was still under consultation at the time and we read the documents and it seemed to suggest that we would be able to reclaim this amount once we sold our home as long as it was done within 18 months.
The final document came out and this was changed to up to 3 years.
The solicitor has put in a letter to us today that there now may be an issue in getting the extra stamp duty refunded as the home is being purchased with a loan/gift. Nothing we have read up to this point has mentioned this so we are now concerned by this as its over £70k extra on top of normal stamp duty.
As I said we will be asking about this on Monday but if anyone can throw anymore light on it I would be grateful. Preferably to tell me that we will be able to get it refunded!
Thanks
A house came up in a road that we've always liked and we went to have a look and loved it. We hadn't looked at properties before this and up until then had no intention of moving. We then decided we would like to try to buy it and were very lucky that my parents have offered to loan us the money to be cash buyers as it was unlikely that we would have managed to get our house on the market and offered on before someone else would have bought the house we liked. We will then give them the proceeds of our house sale when that goes through.
We put in an offered and it was accepted. Our solicitors then informed of us in early February of the new second home higher rate stamp duty but it was still under consultation at the time and we read the documents and it seemed to suggest that we would be able to reclaim this amount once we sold our home as long as it was done within 18 months.
The final document came out and this was changed to up to 3 years.
The solicitor has put in a letter to us today that there now may be an issue in getting the extra stamp duty refunded as the home is being purchased with a loan/gift. Nothing we have read up to this point has mentioned this so we are now concerned by this as its over £70k extra on top of normal stamp duty.
As I said we will be asking about this on Monday but if anyone can throw anymore light on it I would be grateful. Preferably to tell me that we will be able to get it refunded!
Thanks
0
Comments
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Your parents are loaning you £2.3mln to buy a house? Sweet...0
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The solicitor has put in a letter to us today that there now may be an issue in getting the extra stamp duty refunded as the home is being purchased with a loan/gift. Nothing we have read up to this point has mentioned this so we are now concerned by this as its over £70k extra on top of normal stamp duty.
As I said we will be asking about this on Monday but if anyone can throw anymore light on it I would be grateful.
I haven't read anything which suggests that a loan being involved makes a difference.0
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