Buying house but mine not sold

clonkel

Hi, I am buying a house whilst mine is not yet sold (actually not yet on the market). I am able to purchase the new property without selling the current one but I will be putting it on the market next week. There may be a point where I then own two homes whilst the one I live in now sells. Will this create issues of putting me in the position of some kind of capital gains? 
Is there anything I can do to solve this?
thank you

JGB1955

I would think that SDLT is your bigger concern (but easily dealt with).

theartfullodger

Depends  (all taxes) on timescales and your genuine, documented (eg emails to solicitor and estate agent), plans and then your later actions..  Look at HMRC guidance 

Plus of course Rishi might have changed the rules by the time transactions are finished.  Someone's got to pay for Brex+++t and covid.

clonkel

thank you for your replies.

I am unable to find the guidance for this situation. 

Won't Stamp Duty just be normal buying a property?

thanks

Tiglet2

You'll pay the higher rate of SDLT if you go from owning 1 property to 2 properties on the day of completion but can claim a refund once you have completed on your sale.

clonkel

thank you @Tiglet2

AdrianC

CGT will only apply on the capital gain in the value of the property while it is not your primary residence.

As has been said, SDLT +3% is a factor, and so is insurance for the time it's empty. I presume there's no mortgage issues?