New stamp duty

X

Another (hopefully not stupid) question .....

We own our home, worth about 225k and have seen (yesterday) one we might consider buying for 275k.

I understand that if we sell this one and complete on the other one, within the stamp duty holiday, we'll have no stamp duty to sell.

If however we were to use savings and a mortgage to purchase the second property, selling our current property within three years but after the SD holiday ends, would we be entitled to a refund of the 3% that we are going to have to pay on the second property unless our current one sells (and completes) before then?

davidmcn

X said:

If however we were to use savings and a mortgage to purchase the second property, selling our current property within three years but after the SD holiday ends, would we be entitled to a refund of the 3% that we are going to have to pay on the second property unless our current one sells (and completes) before then?

I haven't seen anything suggesting the rules about replacing your main residence are changing - it wouldn't make any sense for them to change.

Mmamunn

davidmcn said:

Mmamunn said:

Now i have to pay 3% on the total price of the property

As asked above, where are you getting your (mis)information from? I've given you the link to the HMRC calculator which will give you the correct answer.

I selected non-residential option and It gives me pre June 2016 and Post June 2016 figures. Nothing for post 8th july 2020. So don’t know if it needs updating. 

MobileSaver

martindow said:

MobileSaver said:

 I shudder at how much worse things would be had Labour been in charge these last few months.

Out splashing the cash, do you mean?  It seems that the magic money tree is fruiting vigorously at the moment.

I mean in every which way but an in-depth discussion of why Labour would have made a bad situation so much worse is way off-topic for this thread and this forum.

Mmamunn

MobileSaver said:

Mmamunn said:

Now i have to pay 3% on the total price of the property which comes to £8850

No, the 3% higher rate is for "additional properties"; you do not own a property at the moment so will not pay anything.

I hope your are right but the various stamp duty calculators i have used suggest something else.

davidmcn

Mmamunn said:

davidmcn said:

Mmamunn said:

Now i have to pay 3% on the total price of the property

As asked above, where are you getting your (mis)information from? I've given you the link to the HMRC calculator which will give you the correct answer.

I selected non-residential option and It gives me pre June 2016 and Post June 2016 figures. Nothing for post 8th july 2020. So don’t know if it needs updating. 

Ah. "Residential" = "house or flat". Doesn't matter who is living there.
"Non-residential" means a commercial property.

Mmamunn

davidmcn said:

Mmamunn said:

davidmcn said:

Mmamunn said:

Now i have to pay 3% on the total price of the property

As asked above, where are you getting your (mis)information from? I've given you the link to the HMRC calculator which will give you the correct answer.

I selected non-residential option and It gives me pre June 2016 and Post June 2016 figures. Nothing for post 8th july 2020. So don’t know if it needs updating. 

Ah. "Residential" = "house or flat". Doesn't matter who is living there.
"Non-residential" means a commercial property.

Aha, that’s where i’m going wrong then. Because i’m purchasing a buy to let I was thinking I had to choose non-residential as I won’t be “residing” in the property. That is a huge relief. Thanks for clarifying that.

SpiderLegs

Mmamunn said:

davidmcn said:

Mmamunn said:

davidmcn said:

Mmamunn said:

Now i have to pay 3% on the total price of the property

As asked above, where are you getting your (mis)information from? I've given you the link to the HMRC calculator which will give you the correct answer.

I selected non-residential option and It gives me pre June 2016 and Post June 2016 figures. Nothing for post 8th july 2020. So don’t know if it needs updating. 

Ah. "Residential" = "house or flat". Doesn't matter who is living there.
"Non-residential" means a commercial property.

Aha, that’s where i’m going wrong then. Because i’m purchasing a buy to let I was thinking I had to choose non-residential as I won’t be “residing” in the property. That is a huge relief. Thanks for clarifying that.

Boris Johnson accepts your apology 🤣