ERC refund - minimum time between transactions

KE48

That’s what I thought but I’ve been told it might have to be two weeks which I assume would be some sort of policy but can’t find it anywhere. Have asked for confirmation but was hoping someone on here might say ‘x days is the norm’. Will update once I get my answer which might well be unique to our circumstances but might help someone else in future. 

user1977

It might take two weeks to get the refund?

BarelySentientAI

KE48 said:

Sorry, to be clear…we have been told we will get a refund if the sale and purchase are not on the same day. We’ve also been told we have three months to take out the new mortgage to successfully claim the refund.  

Same day sale and purchase = ERC paid on sale and won’t be refunded 
New mortgage taken out for new house less than 90 days from closing old mortgage = ERC refunded 
I just wanted to know if there was a standard ‘for the sale and purchase to be deemed non-simultaneous and therefore eligible for ERC refund, the transactions must be X days apart’. Perhaps my answer is no given responses here. 

I think you're wrong about that one.  Usually it is:

Same day sale and purchase = No ERC paid.
1 - 90 days between sale and purchase = ERC paid, refunded on purchase.
91+ days between sale and purchase = ERC paid, no refund.

KE48

I think the only way to not pay the ERC if doing simultaneous sale and purchase is when you’re porting your product, which I am not. 

If it’s 1-90 days = ERC paid and refunded, that’s great as I’ll do it on day 2 but I’m waiting for clarity on whether it’s 1-90 days or some other random number such as 14-90 days, for example. I want to avoid a lengthy stay in short term accommodation so the shorter the gap can be, the better. 

KE48

user1977 said:

It might take two weeks to get the refund?

2-4 weeks apparently which is fine. The ERC is rather large hence wanting to get the refund. 

user1977

Ok. Still baffled as to why you think there might be a minimum period! Especially one which they haven't told you about...

KE48

I’m asking if there would be one, from the experienced people on this site. Most responses suggest there isn’t one and as long as the purchase completes between days 1-90 it should be fine. I should have it from the horses mouth next week, was simply curious in the meantime.