Buy before Sell, but only just.

Leblur

I am aware that you have 30 days to pay the Stamp Duty on a property purchase and that if it is a 'second home' then there is an additional 3% to pay on the whole purchase amount.

I am planning to complete on a purchase of a property before I sell my present home. However, I may complete on the sale of my present home before the 30 days deadline is up for paying the Stamp Duty on the purchase.

As I will have had two homes for some of the 30 days, but I will only have one home when it's time to pay, do I still have to pay the 'second home' Stamp Duty, only to immediately claim it back?

davidmcn

Yes, the amount due is based on what the situation was on the date of completion. And if you're buying with a mortgage your solicitor will almost certainly want the full amount for completion.

AnotherJoe

AIUI the 30 days is only relevant if there is no mortage involved.

Cinders:

We bought our current home last November, and sold our previous home around 4 weeks later. We didn't need to pay the extra stamp duty as we were within the 30 days.

PasturesNew

The 30 days, which you've seen in writing, might be scuppered when the solicitor INSISTS on it being paid "on the day", so check how far the solicitor will bend.

Leblur

There is no mortgage involved and the gov.uk website does state you can pay the Stamp Duty yourself, with various ways to pay.

As Cinders has actually successfully gone through this process hers must be a fairly definitive answer.

Thank you all for your comments. They have been very much appreciated.
Must get back to chasing solicitors now!