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Stung for Stamp Duty?
Youngie007
Posts: 10 Forumite
Hi Guys,
First time poster so please be gentle.
I currently own two properties. One is my home and is where I live and the other I bought as a buy to let which I bought with savings as a deposit and got nailed with stamp duty etc.
I have recently seen a bigger property which I would like to move my family to, ie sell my main residence, remortgage, move etc.
Problem is that I've been told that if I were to sell my house and buy another, I would not only be stung for stamp duty on the buy, I would also have to pay an extra 3% on the purchase of the new house due to it being a second property. This is regardless of the fact that I am selling and buy a propety that is my main residence. Is this true?
Cheers guys
Youngie
First time poster so please be gentle.
I currently own two properties. One is my home and is where I live and the other I bought as a buy to let which I bought with savings as a deposit and got nailed with stamp duty etc.
I have recently seen a bigger property which I would like to move my family to, ie sell my main residence, remortgage, move etc.
Problem is that I've been told that if I were to sell my house and buy another, I would not only be stung for stamp duty on the buy, I would also have to pay an extra 3% on the purchase of the new house due to it being a second property. This is regardless of the fact that I am selling and buy a propety that is my main residence. Is this true?
Cheers guys
Youngie
0
Comments
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No that's wrong. If you're replacing your main residence the additional 3% does not apply. Who told you it did?0
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Was told this by an estate agent. So I would only have to pay the existing stamp duty on the purchase price?0
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Estate agent is wrong. If you are replacing your main residence you only pay the normal rate of stamp duty.Youngie007 wrote: »Was told this by an estate agent. So I would only have to pay the existing stamp duty on the purchase price?
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property#if-you-replace-your-main-home0 -
Brilliant. Many thanks for your help.0
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You'd think EAs should know this stuff. But there you go!
Just to be sure, will you be selling/buying simultaneously?0 -
You'd think EAs should know this stuff.
Why? EAs have absolutely nothing to do about or care about SDLT and all the permutations that the change can bring up, it's not their job. It's up to the buyer to investigate the effect given their situation. I'd be worried if a conveyancing solicitor told me though.0 -
G_M
When you ask if I'm buying /selling simultaneoulsly the answer would be yes. I will need to sell the one I am living in to be able to move into the one I would like to buy.0 -
Was the EA aware of the full facts? Were they told it was a main residence replacement or just told ' I've got 2 houses, i am selling one and buying this one' On those bare facts the EA is correct0
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You'd think EAs should know this stuff. But there you go!
Especially (as I said in a previous post) ... as EAs are all members of an honourable profession, requiring extensive qualifications, skills and experience, highly regulated and with rigorously enforced standards.
After all, it's not as if anyone with a shiny suit, hair gel and a liveried Mini-Cooper can call themselves an Agent is it?
...Oh... hang on a minute0
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