Discussion in 'General Discussion' started by nightrider1470, Jul 8, 2020.
Not got chance to watch... if anyone finds out , could you let me know.
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.
I hope not. Why should they be exempt?
Main homes only they just said then, no stamp duty under 500k.
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?
Buy the house, pay the stamp duty, then sell the flat(Within 2 years?) and claim the stamp duty back?
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.
For good reason.
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.
yes, good news, save myself almost £3k when we move from flat to house.
The 3% additional rate still applies, but it's now 3% total up to £500k for additional properties.
As Dave says, sell the flat after your purchase to reclaim the SDLT.
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.
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.
Very interested in doing this myself. Just need to persuade the wife!
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