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House purchase for main home, while still owner of current main home
leafy211
Posts: 281 Forumite
I wondered how stamp duty would be calculated if I were to purchase a new main home (cash) while still selling my current main home? Would it be classed at main home rate or second home rate for stamp duty I wonder?
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Comments
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I think - If you hadn't sold you current main home within 30 days of completing (as stamp duty is due within 30 days), then the second home rate would be due. This would be refundable if you sell the original home within 3 years.2
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Second. The surcharge is refunded if you sell the first property quickly enough.2
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Unless you sell your current main residence first you will be charged at the additional rate, you can claim back the difference if you go on to sell your current property within the next 3 years.2
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perfect. Thanks everyone for the information - exactly what I needed to know. Take care0
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Correct, but if you are purchasing using a mortgage then your lender will insist that the stamp duty funds are available before they agree to completion.Lokolo said:I think - If you hadn't sold you current main home within 30 days of completing (as stamp duty is due within 30 days), then the second home rate would be due. This would be refundable if you sell the original home within 3 years.1 -
The three years limit for selling the first property applies in England. It can be a lower time limit on depending on where you are in the UK. Eg Scotland is 18 months.2
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Actually wrong, the deadline is now 14 days (assuming that by "stamp duty" we mean SDLT rather than LBTT or LTT).Slithery said:
CorrectLokolo said:I think - If you hadn't sold you current main home within 30 days of completing (as stamp duty is due within 30 days), then the second home rate would be due. This would be refundable if you sell the original home within 3 years.4
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