Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • LizEstelle
    • By LizEstelle 5th Dec 17, 12:03 PM
    • 1,540Posts
    • 1,490Thanks
    Any help on Stamp Duty (higher rate)?
    • #1
    • 5th Dec 17, 12:03 PM
    Any help on Stamp Duty (higher rate)? 5th Dec 17 at 12:03 PM
    My husband and I came via inheritance into possession of a small flat some years ago whuch we've let out ever since.

    I have heard alarming stories that if we now want to sell our main home and buy another for us to live in - in other words, a situation completely separate from the issue of this small flat - we would have to pay stamp duty at a rate close to 8% on the new purchase because we would be considered as 'multiple property' owners.

    Can this be true? Would replacing our main residence incur this higher rate just on account of the simple fact of owning other property?
Page 1
    • ViolaLass
    • By ViolaLass 5th Dec 17, 12:05 PM
    • 5,354 Posts
    • 7,402 Thanks
    • #2
    • 5th Dec 17, 12:05 PM
    • #2
    • 5th Dec 17, 12:05 PM
    Incorrect. If you sell your main residence and buy another house to be your new main residence, you do not have to pay the extra 3% SD. If you do not sell and buy immediately, you may have to pay it but you can claim it back as long as you buy the new home quickly enough.
    • LizEstelle
    • By LizEstelle 5th Dec 17, 12:08 PM
    • 1,540 Posts
    • 1,490 Thanks
    • #3
    • 5th Dec 17, 12:08 PM
    • #3
    • 5th Dec 17, 12:08 PM
    Phew, thanks. As you can imagine there were palpitations going on. A bit of a panic thrown into retirement planning!
    • 00ec25
    • By 00ec25 5th Dec 17, 12:15 PM
    • 6,380 Posts
    • 5,892 Thanks
    • #4
    • 5th Dec 17, 12:15 PM
    • #4
    • 5th Dec 17, 12:15 PM
    in a nutshell:
    - you are married (rules relate to that)

    - you own 2 properties, one of which is the marital main home. If you keep 1 and buy another you will be purchasing an "additional" property and thus fall within the higher rate rules

    - if you REPLACE the main home with another main home the higher rate is not applicable provided that you complete the sale before or on the same day as you complete the purchase. If not, you have 3 years in which to complete the sale and then claim a refund because in that case you would have to pay the higher rate at date of purchase, but then get it refunded.

    can you use google?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,645Posts Today

8,300Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin