Buying 2nd home, selling 1st 30>60 days later - stamp duty question?

[slewis1972]

Hi All

We are shortly going to be in a positon where I can buy a new home as main family residence. We have an opportunity to buy the new home without needing to immediately complete on the sale of our current home. Would like 30>60das between sales as we can move in easily and get any work done so less grief.

Would we still fall into the second home stamp duty amount and have to claim the difference back once 1st house is sold, or is there any flexibility with say as long as first home is for sale/sale agreed etc

Regards

Scott

[atticus]

I think you need to pay the SDLT and reclaim when your house is sold. My mother is in much the same position at the moment, with non simultaeous purchase and sale.

What does your conveyancer advise?

[slewis1972]

Hi, only just contacted them and waiting for a reply. Thing is, people with like bridging loans when there is a delay in sale of property but still buying are in same boat. With stamp dutty being paid within 30 days I gather, I was hence wondering even if thats the flexibility.

[atticus]

That is correct. You pay the duty on the purchase, at the rate that applies by reference to the circumstances at the time of purchase. If on the later sale you become eligible for a refund, you apply for and obtain that refund.