Very quick SDLT question - estate agent misinformation?

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    Very quick SDLT question - estate agent misinformation?

    Hello,
    My wife and I jointly own 4 rental properties and we're planning to move house (our main residence). From my research, the 3% stamp duty fine won't affect us - we'll be selling our main residence (where we live all the time) and buying a new main residence. But the estate agent who is handling our (possible) purchase, is convinced that we'd be stung for the 3% extra charge. Am I right? (I hope so!) Or is he right?

    We might be in the situation where, to get the house we really want, we need to buy before we sell our main residence. As I understand it, and according to everything I've read online, we'd have to pay the 3% extra (we'd temporarily own TWO main residences), then, assuming we sold our previous main residence within 3 years, we'd claim back that 3%. To do this, we might need to raise mortgages on 3 of the rental properties, but I'm hoping this wouldn't change the 3% surcharge situation.

    Any thoughts would be greatly appreciated!

    Thanks.

    #2
    This may help you :

    https://www.gov.uk/guidance/stamp-du...ntial-property

    Comment


      #3
      If you buy before you sell your main residence, you will pay the extra 3% and then you have a set period in which to sell the original main residence and then you claim back the SDLT.

      Comment


        #4
        Your understanding is correct*. Don't take tax advice from Estate Agents!

        * With the exception that you cannot have two main residences (irrelevant to this scenario, but very important when it comes to CGT)

        Comment


          #5
          Thanks, everyone, for confirming what I suspected!

          Comment

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