1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Rishi..... Will people who are buying a second property, be exempt from stamp duty?

Discussion in 'General Discussion' started by nightrider1470, Jul 8, 2020.

  1. nightrider1470

    Mobster

    Joined: May 25, 2011

    Posts: 3,300

    Not got chance to watch... if anyone finds out , could you let me know.

    Thanks
     
  2. peterwalkley

    Mobster

    Joined: Feb 23, 2009

    Posts: 3,534

    Location: South Wirral

    I would be very surprised if that happens, on the grounds second property owners are in the tabloid hate buckets of rich people or greedy landlords.
     
  3. Stu999

    Hitman

    Joined: Aug 3, 2015

    Posts: 565

    I hope not. Why should they be exempt?
     
  4. Daaaavvveee

    Wise Guy

    Joined: Nov 28, 2015

    Posts: 1,234

    Location: Bishops Cleeve, UK

    Main homes only they just said then, no stamp duty under 500k.
     
  5. nightrider1470

    Mobster

    Joined: May 25, 2011

    Posts: 3,300

    I only own a flat worth about 65k... I'm trying to buy my home from my parents, but the stamp duty is so high as I own the flat.

    I'm a stay at home dad... I'm not rich at all.

    Hopefully I don't have to pay?
     
  6. Daaaavvveee

    Wise Guy

    Joined: Nov 28, 2015

    Posts: 1,234

    Location: Bishops Cleeve, UK

    Buy the house, pay the stamp duty, then sell the flat(Within 2 years?) and claim the stamp duty back?
     
  7. Surveyor

    Capodecina

    Joined: Sep 5, 2010

    Posts: 22,182

    You presumably won't pay any standard rate stamp duty up to £500k but you'll still have to pay the appropriate second home rate.
     
    Last edited: Jul 8, 2020
  8. 200sols

    Mobster

    Joined: Jan 14, 2018

    Posts: 4,414

    Location: Hampshire

    For good reason.
     
  9. Diddums

    Capodecina

    Joined: Oct 24, 2012

    Posts: 19,501

    Location: London

    For situations like yours there should be a workaround, but you'd be better off asking a professional.

    I do think that an exemption on stamp duty for second properties would induce an amount of rage hitherto unseen, and rightfully so.
     
  10. Liquid_Entity

    Soldato

    Joined: Apr 11, 2006

    Posts: 5,949

    Location: East Grinstead, W Sussex

    yes, good news, save myself almost £3k when we move from flat to house.
     
  11. Matthew.M

    Mobster

    Joined: Oct 18, 2002

    Posts: 3,209

    Location: Birmingham

  12. Semple

    Soldato

    Joined: Mar 5, 2010

    Posts: 6,487

    As Dave says, sell the flat after your purchase to reclaim the SDLT.
     
  13. dl8860

    Mobster

    Joined: Jul 25, 2010

    Posts: 3,047

    Location: Surrey

    https://www.moneyadviceservice.org.uk/en/articles/everything-you-need-to-know-about-stamp-duty

    Is your 65k flat your current residence? If it's not and it's a rental which you will keep, then it's right that you pay the additional second home amount, even if you are an unrich stay at home Dad.
     
  14. bazzabear

    Wise Guy

    Joined: Nov 2, 2013

    Posts: 2,386

    Exactly this. We did this last time we moved house. A redundancy payment put us in the lucky position of not needing to sell the old house in order to buy the new one. So we paid the horrific stamp duty, sold the old house at our leisure, and then applied for the refund so that overall we had only paid normal stamp duty levels.

    Moving house and not having to have everything done on the same day was a delightful experience I have to say. So much less stressful, and nice to be able to paint a few rooms before the move too.

    There was a slight worry about if the old house didn't sell. But it being unoccupied made it more attractive to buyers anyway, and it was gone within 2 months.
     
  15. shiver

    Hitman

    Joined: Jun 13, 2007

    Posts: 832

    Location: London

    Very interested in doing this myself. Just need to persuade the wife!