Paying Stamp Duty

Paton147

Can stamp duty be paid with the monies from the sale of your house, within the process of then buying?

We've saved £6000 to move house but would prefer the £4000-4500 stamp duty to be withdrawn from the equity we have on our current home. We estimate to have about 15K left over once we put a slightly lesser deposit down on the next place so it would make life a lot easier if its accepted that that 15K will cover the stamp duty.

SDLT_Geek

Your conveyancers will need to be in funds to pay the stamp duty land tax on the day of completion of the purchase. That is a lender's requirement. It is quite acceptable for the SDLT to come from the related sale which completes on the same day, so long as the same firm are handling both the sale and the purchase.

The conveyancers would normally send you "completion statements" in advance showing the various sums involved, including the mortgage advance and asking you to put them in funds for any balance needed to be able to complete the two transactions.

Paton147

Cool, so as long as I use the same solicitor to buy and sell... then no issues?

Thrugelmir

Paton147 wrote: »

Cool, so as long as I use the same solicitor to buy and sell... then no issues?

That would be normal practice.