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Stamp Duty
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Tobes17
Posts: 8 Forumite
I am buying a house with cash which needs gutting so I am planning to stay in my current owned house until new house is ready. I am selling my current house and hope to complete when I’m ready to move into new house. Would I have to pay stamp duty on one I’m buying as having 2 properties even though I will be selling my current one eventually.
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Yes plus the extra 3%2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream0 -
Is the property you are buying in England, so that the relevant stamp duty is stamp duty land tax? It would also be useful to have a figure for the price, as the answers will then be more meaningful.Tobes17 said:I am buying a house with cash which needs gutting so I am planning to stay in my current owned house until new house is ready. I am selling my current house and hope to complete when I’m ready to move into new house. Would I have to pay stamp duty on one I’m buying as having 2 properties even though I will be selling my current one eventually.1 -
I’m buying one for 335k, my current house will go on the market for 275k but will sell prob 3 months after I’ve completed on new one.0
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As previous, assuming you’re in England then yes you’ll have to pay SDLT plus 3% surcharge. You can then claim the surcharge back when you sell your other property. An extra £10,050 on top of the standard £4,250.Tobes17 said:I’m buying one for 335k, my current house will go on the market for 275k but will sell prob 3 months after I’ve completed on new one.2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream0 -
Just one thing jonnydeppiwish didn't say was there is a 3-year time limit to selling the first house to claim back the "surcharge", so make sure your project doesn't overrun. See link:
https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property#:~:text=If you sell or give,to you for another reason0
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