But new home then sell first?

katie4

Hi everyone just a quick query. We’re coming into some inheritance enough to buy a house outright where we live. We do own our current home. But I wondered is if possible for us to buy a new home move into it then tidy up existing home ready to sell so it’ll be chain free as well then. 

Wasn’t sure if this is possible or be classed as second home or cost is more in tax etc
thanks

propertyrental

of course it's possible. I'm doing it.

But yes, when you buy the 2nd property you'll have to pay the 2nd property SDLT (if in England).

You can claim ir back provided you sell the original property witin 3 years.

Alter_ego

You can do it. You will pay the increased Stamp duty but reclaim it (within 3? years)

hazyjo

Also, make sure you have the necessary insurance in place if you're leaving it empty. And think how it will look once things like sofas, beds, etc are removed. Personally, I'd try to tie the two transactions together, but there's an argument for doing what you're thinking of doing...

housebuyer143

Get someone to take the marketing photos BEFORE you empty it as they do look better online furnished and people can at least imagine it with stuff in it even if they view it empty. 
But yes, I did this recently and bought my new one before selling my old one and it was fine.