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Help with Stamp Duty for main residence move while owning another flat
kneeheir14
Posts: 2 Newbie
Hi all,
Need some advise regarding stamp duty. My and my wife currently live in a property we have mortgage on and are looking to move to an another property closer to a school priced at 500k. My wife also owns another small flat in scotland but that is not our main residence. Do we have to pay additional home stamp duty ? as we paid the same for the flat as its not our main residence.
Thank you for any information I could get on this as it helps us decide whether to move to closer to school or otherwise.
Need some advise regarding stamp duty. My and my wife currently live in a property we have mortgage on and are looking to move to an another property closer to a school priced at 500k. My wife also owns another small flat in scotland but that is not our main residence. Do we have to pay additional home stamp duty ? as we paid the same for the flat as its not our main residence.
Thank you for any information I could get on this as it helps us decide whether to move to closer to school or otherwise.
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Comments
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sorry its meant to say "Me and My wife", we are joint owners
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Assuming by "move" you mean you are selling the property you live in and buying a new main residence, then the second property doesn't come into it and you just pay the normal rate.1
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If you sell your current main property and buy another main property then only standard stamp duty is payable.
If you do not sell the main property before buying the new one than the additional amount will be due buy, if you sell it within 3 years you can claim the additional amount back.
If you intend to keep your existing main residence and move to the new one then the additional amount will be due.1
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