Stamp duty changes

David _b

David _b

David _b

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28 Mar 2004
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N Ireland
Anyone on here clued up on changes or how it works. I am about to complete on a house valued at 123k purchase price.

I currently live at home with parents
I was gifted a house a year ago that I have let out currently.

I understand I may be liable duty charges as it will be a second home. Then I am told I won't have to as I am a first time buyer and moving from my main residence to the new house which will then be my main residence

Anyone on here know much
I know also if I push through to complete before the end of the month it won't be a problem
 
The legislative detail is not out yet as to how it will work exactly, I think you'll need to wait until the budget in 2 weeks to see.
 
I think to stop people simply flipping main residence each time they buy a new property, it will just be based on how many properties you own.
 
I believe the SDLT changes on owning second properties coming in 1st April so complete the purchase before then.
 
I'd be surprised if you could get around it.

It's meant to apply to people who own one, and then buy another, which is exactly what you're doing.

There are some present grey areas, i.e. if you buy a new place but the sale of your old one falls through, and you later sell it, but yours doesn't seem to be particularly grey.
 
The higher rates will also generally apply to purchases of residential property by companies. The vast majority of transactions, such as first time buyers purchasing their first property or home owners moving from one main residence to another will be unaffected
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Normal first time buyers don't already have a property, as muon mentions, I would be amazed if it isn't purely to do with how many you own. Otherwise it would be easy to avoid.
 
The higher rates of SDLT are part of the government’s commitment to supporting home ownership. The higher rates will apply to most purchases of additional residential properties in England, Wales and Northern Ireland where, at the end of the day of the transaction, individual purchasers own two or more residential properties and are not replacing their main residence
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Reading them 2 quotes gives me a glimmer of hope that as I am changing my residency I may be unaffected
 
David _b said:
Reading them 2 quotes gives me a glimmer of hope that as I am changing my residency I may be unaffected
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The replacing main residence I suspect means that you temporarily own two properties as you intend to sell on your original property.

Otherwise that's flipping.
 
Time to quiz my solicitor tomorrow and mortgage advisor. However given its not confirmed I doubt I'll get a straight answer and the safest bet is push to complete.
 
David _b said:
Ye, it does read that it's a period of time to let you off load the old house
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This is you:-


Example 9:

N purchases her first property, which she will use as a buy-to-let. At the end of the day of the transaction she owns one property, so she will not pay the higher rates of SDLT, even though she is not using it as her main residence.

Two years later, N purchases a residential property which she will use as her main residence, but she decides to keep her buy-to-let property. In this instance, as she has two properties at the end of the day of the transaction and has not replaced a main residence (as she has not sold a previous main residence), the higher rates will apply.
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Yep, just been looking into this. Get it completed ASAP otherwise say goodbye to a few thousand £££ in stamp duty!
 
I have never bought a house before

What is "completion" ? Is there a final signing of something ? Can I impose a condition that I need to complete this month or the deal may be at risk if I can't complete in March.
 
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