Stamp Duty - surcharge

ama2008

Hi,
Myself and my wife currently live in a terraced house which we have had up for sale for approx. a year. We accepted an offer a few months ago and subsequently had an offer accepted on a new house we plan to purchase. Things have been going through, only we have literally just found out the sale of our property has fallen through which is quite devastating really

We have previously been put off with renting our current house due to the surcharge on stamp duty however, due to the current circumstances have decided to revisit but I'm struggling to establish if this surcharge will apply to us.

Our intention would be to rent out our current terraced house out, although ideally sell as soon as feasible/have a buyer. The reason to rent is that we struggled getting a buyer 1st time round as people just dont seem interested in terraced houses now. Rather than sit and wait and have to pull out of the house we have had an offer accepted on/paid search fees etc.

As our main residence would be the new property, ultimately would we need to pay stamp duty on this property?

If we do, and sold our current property within 36 months, could we claim this surcharge back?

thanks to any one in advance - pretty desperate for an answer.

dimbo61

You are right and you will get the 3% extra stamp duty refunded if you sell your existing home within 36 months