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Shocked at Stamp Duty
Comments
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Thanks for the clarification, even if it's bad news.canaldumidi said:
SDLT can only be reclaimed if selling the main residence. My impression was that the Spanish property was not the OP's main residene, so it would have to be sold before buying in the UK in order for the OP to have only one property.princeofpounds said:I have some sympathy for you, if only because you can't use the other property as much as you like.
You still have time to sell the Spanish property and reclaim the extra stamp duty, if you wish to do so.0 -
You can reclaim if you sold your 'only OR main residence'. As the Spanish property is the OP's only residence then they can sell this within 3 years of completing the purchase and recover the 3.00% SDLT surcharge paid on the purchase.canaldumidi said:
SDLT can only be reclaimed if selling the main residence. My impression was that the Spanish property was not the OP's main residene, so it would have to be sold before buying in the UK in order for the OP to have only one property.princeofpounds said:I have some sympathy for you, if only because you can't use the other property as much as you like.
You still have time to sell the Spanish property and reclaim the extra stamp duty, if you wish to do so.0 -
This does not seem right. OP's residence is where OP usually lives and OP only uses the Spanish property for a short period each year. If OP lives in a rented property or with family, then that property will be OP's residence, even though OP does not own it.chalky_white_2 said:
You can reclaim if you sold your 'only OR main residence'. As the Spanish property is the OP's only residence then they can sell this within 3 years of completing the purchase and recover the 3.00% SDLT surcharge paid on the purchase.canaldumidi said:
SDLT can only be reclaimed if selling the main residence. My impression was that the Spanish property was not the OP's main residene, so it would have to be sold before buying in the UK in order for the OP to have only one property.princeofpounds said:I have some sympathy for you, if only because you can't use the other property as much as you like.
You still have time to sell the Spanish property and reclaim the extra stamp duty, if you wish to do so.2 -
It's clearly not their only residence if they're living somewhere else for at least 9 months of the year.chalky_white_2 said:
You can reclaim if you sold your 'only OR main residence'. As the Spanish property is the OP's only residence then they can sell this within 3 years of completing the purchase and recover the 3.00% SDLT surcharge paid on the purchase.canaldumidi said:
SDLT can only be reclaimed if selling the main residence. My impression was that the Spanish property was not the OP's main residene, so it would have to be sold before buying in the UK in order for the OP to have only one property.princeofpounds said:I have some sympathy for you, if only because you can't use the other property as much as you like.
You still have time to sell the Spanish property and reclaim the extra stamp duty, if you wish to do so.3 -
are they actually selling their "main residence" ?
Anyway when I asked some time about selling my main residence to buy another main residence while owning a property that one of the offspring lived in I was told that there was no higher rate payable.
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My heart bleeds for the OP, not.
If you can afford to own more than one property then stamp duty shouldn't be a worry.
What responses did they expect?4.29kWp Solar system, 45/55 South/West split in cloudy rainy Cumbria.0 -
To clarify, the 'only... residence' does not mean 'only owned residence'. As the OP has a residence in the UK as well as in Spain (albeit the UK residence is rented), the Spanish residence is not their 'only' residence.chalky_white_2 said:
You can reclaim if you sold your 'only OR main residence'. As the Spanish property is the OP's only residence then they can sell this within 3 years of completing the purchase and recover the 3.00% SDLT surcharge paid on the purchase.canaldumidi said:
SDLT can only be reclaimed if selling the main residence. My impression was that the Spanish property was not the OP's main residene, so it would have to be sold before buying in the UK in order for the OP to have only one property.princeofpounds said:I have some sympathy for you, if only because you can't use the other property as much as you like.
You still have time to sell the Spanish property and reclaim the extra stamp duty, if you wish to do so.
1
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