Stamp duty second home

tiernsee

We are buying a second property as a holiday let went to see the conveyancer today and he said we may wish to consider delaying completion to see if Boris is going to reform the rules around second home stamp duty (and stamp duty generally).


If it does change we would save several thousand pounds. How likely do people think this is? I don't want to mess the sellers around but they are not living there and we are not in a chain, so should we delay exchange and completion?


Any thoughts? Anyone else in a similar situation?

pattypan4

I doubt the second home tax will reduce, people who have a second home should actually be paying far more stamp duty

G_M

I would proceed asap in case Boris puts the Additional SDLT up from 3% to 5%.



There's a housing shortage and he's keen to be seen to be doing something about it ahead of the [STRIKE]planned [/STRIKE]potential General Election.

00ec25

how do you expect anyone on here to be able to answer your question?

you may as well have asked what will win the 3:30pm race at Wincanton - there will be opinions, some will be right, many will be wrong. None have the inside knowledge to actually know

tiernsee

Tx for the comments. Of course nobody knows the future but what I was wondering was whether there was anyone else in a similar situation and received advice from their conveyancer either similar to the advice we were given or taking a contrary position.

G_M

I don't see how a conveyancer could have any better insight into Boris's plans than anyone else.


He simply said you "may wish to consider delaying completion to see if Boris....." He did not advise you to do so.

davidmcn

tiernsee wrote: »

Tx for the comments. Of course nobody knows the future but what I was wondering was whether there was anyone else in a similar situation and received advice from their conveyancer either similar to the advice we were given or taking a contrary position.

Unless you are lucky enough to have a conveyancer with useful contacts in the Treasury, all they can do is pass on the same vague rumours as already mentioned on this forum, it's not to be construed as legal advice! We don't even know when the next Budget will be, and given the current political volatility there could always be another Budget following swiftly on - at what stage would you consider it "safe" to proceed?

Thrugelmir

Suspect Boris has more urgent matters to attend to at the current time.