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Confusion - Higher Stamp Duty
VicGib
Posts: 2 Newbie
Hi,
We have recently moved back to the UK after 7 years of working abroad and currently live in rented accommodation, looking to buy a family house.
Prior to moving abroad we purchased a flat, where we lived until we left the UK and which has been rented out ever since.
We have put an offer on a new house and realise that if we do decide to purchase; as we will own two properties we will have to pay the higher rate stamp duty. Because of this we were looking to sell our other property (but as we have tenants unable to give notice until next year).
We thought that because we would hopefully sell our initial property within the Government timeframes we would be entitled to a refund of the additional stamp duty, however now fear that this is not the case as we would not be selling our main residence.
For the last 7 years our main residence has been in rented accommodation.
Please could anyone shed any light on this or offer any advice?
Many thanks
We have recently moved back to the UK after 7 years of working abroad and currently live in rented accommodation, looking to buy a family house.
Prior to moving abroad we purchased a flat, where we lived until we left the UK and which has been rented out ever since.
We have put an offer on a new house and realise that if we do decide to purchase; as we will own two properties we will have to pay the higher rate stamp duty. Because of this we were looking to sell our other property (but as we have tenants unable to give notice until next year).
We thought that because we would hopefully sell our initial property within the Government timeframes we would be entitled to a refund of the additional stamp duty, however now fear that this is not the case as we would not be selling our main residence.
For the last 7 years our main residence has been in rented accommodation.
Please could anyone shed any light on this or offer any advice?
Many thanks
0
Comments
-
Yes, you're right. You would have to pay the 3% SDLT, and you would not be able to reclaim it.We have recently moved back to the UK after 7 years of working abroad and currently live in rented accommodation, looking to buy a family house.
Prior to moving abroad we purchased a flat, where we lived until we left the UK and which has been rented out ever since.
We have put an offer on a new house and realise that if we do decide to purchase; as we will own two properties we will have to pay the higher rate stamp duty. Because of this we were looking to sell our other property (but as we have tenants unable to give notice until next year).
We thought that because we would hopefully sell our initial property within the Government timeframes we would be entitled to a refund of the additional stamp duty, however now fear that this is not the case as we would not be selling our main residence.
For the last 7 years our main residence has been in rented accommodation.
Please could anyone shed any light on this or offer any advice?
Your choice is straightforward - pay the 3%, delay your purchase until you've sold the flat, or move into the flat after your tenants leave then buy the other property before selling the flat within 3yrs.0 -
Your fears are correct.0
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