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e_d_10

Stamp duty on second home

E D
3 years ago
last modified: 3 years ago

Who needs Google when you have Houzz?...☺️

Does anyone here know if (extra) stamp duty is payable on a property that will be a second property but will actually be the main residence?

The original home will be rented out.

Hope that makes sense...

Thanks!🙏

Comments (4)

  • Sarah U-S
    3 years ago

    I would double check with a financial advisor - however a few years ago we fell in love with our current house before we sold the old one. We ended up going ahead with the purchase (at normal stamp duty) and then rented out the old one. The financial advisor who helped with the mortgage guided us through the process - free of charge via the estate agent.

  • Sarah U-S
    3 years ago

    Ignore me - my purchase must have been before rule changes. I’ve just checked and found this https://www.moneyadviceservice.org.uk/en/articles/everything-you-need-to-know-about-stamp-duty

    It basically says that you will have to pay the extra stamp duty, but if you sell the original home within 3 years of the purchase, you can claim the money back.

    E D thanked Sarah U-S
  • Victoria
    3 years ago

    Yes, as per Sarah’s second post.

    E D thanked Victoria
  • E D
    Original Author
    3 years ago

    Ah thanks guys. And for the link Sarah.

    All crystal clear now. 👍

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