Shocked at Stamp Duty

princeofpounds

canaldumidi said:

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.

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.

Thanks for the clarification, even if it's bad news.

chalky_white_2

canaldumidi said:

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.

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.

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.

SDLT_Geek

chalky_white_2 said:

canaldumidi said:

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.

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.

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.

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.

user1977

chalky_white_2 said:

canaldumidi said:

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.

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.

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.

It's clearly not their only residence if they're living somewhere else for at least 9 months of the year.

Flugelhorn

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.  

Spies

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?

canaldumidi

chalky_white_2 said:

canaldumidi said:

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.

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.

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.

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.