3 years stamp duty refund ?

want2bmortgage3

Hi there if I am buying a second property and cannot sell the first one at the same time, I know I will be charged the 3% surcharge. Can anyone tell me the rules of this, what makes you eligible for a refund if you sell the first property within the three years?

G_M

want2bmortgage3 wrote: »

......what makes you eligible for a refund if you sell the first property within the three years?

the fact of the sale, and the fact that both homs were your primary residence.

booksurr

there is a lot of online guidance, why can't you read it yourself if all you want is a list of rules

https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

https://www.gov.uk/government/publications/stamp-duty-land-tax-higher-rates-for-purchases-of-additional-residential-properties

AnotherJoe

want2bmortgage3 wrote: »

Hi there if I am buying a second property and cannot sell the first one at the same time, I know I will be charged the 3% surcharge. Can anyone tell me the rules of this, what makes you eligible for a refund if you sell the first property within the three years?

What makes it eligible is selling the first one within 3 years !

want2bmortgage3

What if you are letting the first one but can't sell it and buy another to live in, then sell the first one within three years?

davidmcn

want2bmortgage3 wrote: »

What if you are letting the first one but can't sell it and buy another to live in, then sell the first one within three years?

Then there's no entitlement to a refund. The concession is only for replacing your main residence, not buying one on top of an existing BTL.

Bluebirdman_of_Alcathays

You aren't replacing your home, so no refund. It's very clear in the guidance that booksurr linked to, read it!

want2bmortgage3

Thanks for that , if the first one is let but not with a buy to let mortgage will it still be the same?

System

want2bmortgage3 wrote: »

Thanks for that , if the first one is let but not with a buy to let mortgage will it still be the same?

Yes. The type of mortgage makes no difference, or even if you have a mortgage at all. You're not replacing your home - that's the key point. It's got nothing to do with BTL.

booksurr

want2bmortgage3 wrote: »

Thanks for that , if the first one is let but not with a buy to let mortgage will it still be the same?

although able to write, it appears the OP is unable to read?

https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

https://www.gov.uk/government/publications/stamp-duty-land-tax-higher-rates-for-purchases-of-additional-residential-properties

Jonathanmerrett

Hi there,

I've read all the government blurb that I can find but can't find the answer to this one;

If I fail to sell my initial main residence in the 3 years after the purchase of the new main residence, can I choose to sell the new main residence instead and still receive the refund?
I've got a few years yet but just want to know if things get desperate if I could consider putting both on the market and see which one sells first.

Any advice or thoughts on where else to look/ask would be gratefully received.

Thanks