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Stamp Duty for second home
SarahWhitesands
Posts: 16 Forumite
Hi!
I've had an offer accepted on a property and have had the paperwork back from the solicitor to sign, but the stamp duty seems crazy... she is out of the office today so I was hoping someone on here could help me?!
I own a BTL property (had it for 7+ years)
I have a joint mortgage on a residential property (it's going on the market soon), bought this 16 months ago and paid stamp duty then)
I just got an offer accepted on another BTL property...
It's unlikely I will complete before the end of June, so based on the new stamp duty rates....
New property value = £149,000
Stamp duty 3% = £4,470
The solicitors letter came back and quoted a stamp duty rate of £11,594!!
Am I being really stupid? Have I missed something?
If anyone can give any advise it would be really appreciated as if I need to pay £11k stamp duty it really changes my situation!
Thanks
I've had an offer accepted on a property and have had the paperwork back from the solicitor to sign, but the stamp duty seems crazy... she is out of the office today so I was hoping someone on here could help me?!
I own a BTL property (had it for 7+ years)
I have a joint mortgage on a residential property (it's going on the market soon), bought this 16 months ago and paid stamp duty then)
I just got an offer accepted on another BTL property...
It's unlikely I will complete before the end of June, so based on the new stamp duty rates....
New property value = £149,000
Stamp duty 3% = £4,470
The solicitors letter came back and quoted a stamp duty rate of £11,594!!
Am I being really stupid? Have I missed something?
If anyone can give any advise it would be really appreciated as if I need to pay £11k stamp duty it really changes my situation!
Thanks
0
Comments
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https://www.stampdutycalculator.org.uk/
Additional property rate, £149k.
£4,470 during current holiday.
£4,470 July-September
£4,950 October-on
£11,594 would require a purchase price of about £270k October-on, or £300k July-September.1 -
Thanks so much - so the Solicitor has it wrong don't they??
0
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