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Stamp Duty on 2nd Home Question
sarah759365
Posts: 29 Forumite
hi,
please could someone advise on whether we will be liable for the additional stamp duty on second homes?
We are in the process of selling our current main residence - due to exchange next week. We also own an additional property which my mother in law lives in, rent free.
The house we were due to be buying (therefore directly replacing our main residence and not liable for the extra stamp duty) has just fallen through. However we would like to go ahead with our sale and temporarily go into rented whilst we find another house to buy.
Would we be liable for the stamp duty by moving from rented? I've read conflicting information. One statement said that because we wouldn't be directly replacing our main owned residence, that we would. Another said that 'in some cases, you may have to sell your main residence but move into a 'stop gap' before you buy a new one, in this case, the government will offer a grace period of 36 months during which time the purchase of your next main residence will NOT be subject to the additonal 3%.
Help! We desperately need some clarity in order to decide whether to exchange or not. The property we will be buying will be circa £900k so this will have a massive implication
please could someone advise on whether we will be liable for the additional stamp duty on second homes?
We are in the process of selling our current main residence - due to exchange next week. We also own an additional property which my mother in law lives in, rent free.
The house we were due to be buying (therefore directly replacing our main residence and not liable for the extra stamp duty) has just fallen through. However we would like to go ahead with our sale and temporarily go into rented whilst we find another house to buy.
Would we be liable for the stamp duty by moving from rented? I've read conflicting information. One statement said that because we wouldn't be directly replacing our main owned residence, that we would. Another said that 'in some cases, you may have to sell your main residence but move into a 'stop gap' before you buy a new one, in this case, the government will offer a grace period of 36 months during which time the purchase of your next main residence will NOT be subject to the additonal 3%.
Help! We desperately need some clarity in order to decide whether to exchange or not. The property we will be buying will be circa £900k so this will have a massive implication
0
Comments
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please read the correct guide then you will know for sure yourself rather than rely on "statements" from others
specifically read para 3.24 as it is your direct answer
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/509184/GuidanceNote_Final.pdf0 -
Thanks for that, it's really useful and I hadn't been able to find that document so was looking at the consultation document, zoopla guidance and a pack from my mortgage broker0
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