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Stamp duty on second property query
Vicki_Y
Posts: 21 Forumite
Please can anyone help?
My mum is buying a new house with her savings as a cash purchase. She is selling her current property. Will she pay extra stamp duty if she buys the house before the sale of her current property goes through?
The new house is £300k. She would like to go ahead with the cash purchase ASAP as the property she is buying is in no chain and she wants to avoid creating a chain. I know she can claim the extra stamp duty back once she sells her current property but it would mean she might not have enough cash to buy the house if she has to find the money for extra stamp duty. I’ve tried looking online to work out the actual stamp duty amount but can’t figure it out for her particular situation.
Thanks in advance.
Vicki
My mum is buying a new house with her savings as a cash purchase. She is selling her current property. Will she pay extra stamp duty if she buys the house before the sale of her current property goes through?
The new house is £300k. She would like to go ahead with the cash purchase ASAP as the property she is buying is in no chain and she wants to avoid creating a chain. I know she can claim the extra stamp duty back once she sells her current property but it would mean she might not have enough cash to buy the house if she has to find the money for extra stamp duty. I’ve tried looking online to work out the actual stamp duty amount but can’t figure it out for her particular situation.
Thanks in advance.
Vicki
0
Comments
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The calculator here can be used to work out the SDLT. https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/
It comes to £14,000. It sounds as if £9,000 should be repayable when she sells her old home.0 -
Lend her the money. Or she can get a loan of £10k and pay it back after few months.0
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