Stamp duty on buy to let

Johnpmc35

I have a house that is currently let out whilst I am living in rented accommodation. I am now looking to buy a home to live in (with a mortgage) & keep my house that is let out. I understand that I will have to pay an additional 3% stamp duty which amounts to £6000, making the total stamp duty payable £7,300. Is the entire £7300 required on the day of completion or is it just the £1300, with the remaining £6000 to be paid within 30 days?

Thanks

AnotherJoe

Theoretically if you were buying for cash you'd have the [STRIKE]30[/STRIKE] 14 days*. As it is with a solicitor and a mortgage they will want it all on completion.


* I stand corrected !

davidmcn

AnotherJoe wrote: »

Theoretically if you were buying for cash you'd have the 30 days. As it is with a solicitor and a mortgage they will want it all on completion.

14 days now (if it's SDLT i.e. in England or N Ireland). But as you say, will need to be with the solicitor for completion if there's a lender involved.