Temporary 2nd home, stamp duty charge.

smirnoff1986

I currently own a property but have a new job for the next 2yrs elsewhere so we have decided to buy a 2nd property near my new job. We will be keeping my existing property to move back to once my job is complete and then selling the 2nd property.
What I'd like to know if someone can help is, would I be able to have the 3% stamp duty charge refunded when I sell the 2nd property?
I see people have it refunded when they sell there main residence and I'm thinking as this will be my main residence for 2yrs I may be able to?
Thanks in advance

Slithery

No, you can't get the stamp duty refunded.

tom9980

You should rent not buy in this situation. Dont forget IF the economy tanks during brexit house prices would too you are exposing yourself to a lot of risk for likely very little gain.

00ec25

smirnoff1986 wrote: »

I see people have it refunded when they sell there main residence and I'm thinking as this will be my main residence for 2yrs I may be able to?

the rule is very simple: in order to claim a refund you must have sold your main residence when you purchase your new main residence

you will not get a refund

house A is not being sold when house B is purchased .... nor is A being purchased after B is sold

read the rules instead of seeing what others have done
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

AnotherJoe

I agree with Tom, I don't see any benefit at all in buying, if you work out the fees plus extra SDLT they would likely fund a years rent so even if mortgage was cheaper than rent by a few hundred pounds, over 2 years you'd end up spending less renting.

Then as said there's the possibility of house price falls, they don't seem to be rising at the moment, so odds of losing out from house price changes are higher than gaining.

Add to that other potential costs suppose you needed and new boiler or roof or any other house maintenance which even if you could live with, your purchaser in 2 years would want fixed or taken off the sale price, and it's hard to see any upside at all.

smirnoff1986

Thanks for the replies everyone.
The house is very very cheap for the area that's why we thought of buying instead of renting as renting it's dead money. Never mind with the stamp duty, we'll just have to factor that in to the price.
Thanks once again for your replies everyone !!!128077;