2nd Property Stamp Duty??

[Budedwards]

Hi Guys,

Hope i am posting this in the correct area and format(please let me know if not)

I don't seem to be able to get a definite answer to this query and even the company we HAD planned to use for conveyancing didn't know!

We have found a property we would like to buy that will not be available until January 2021 so we are aware no Stamp Duty discount will be applicable,

As our house isnt selling we were concerned that we would lose this property but have been offered to borrow the value of house from relatives to allow us to proceed with the purchase of our house and then pay back the loan of funds once our property sells.

Now i have had conflicting information re: Stamp Duty.

Firstly i was told that as it is deemed as a 2nd property our stamp duty would increase by 3% (house we are buying is 500K) so stamp duty rise from 15k to 30k and this amount would not be reclaimable

Secondly i was told the same but that 15k could be reclaimed once the property we are moving out of is sold

also i already own a small flat that was our main residence for 4 years purchased in 2010.

Very confused!

Any help or guidance appreciated.

[wonga78]

Q. What if I buy another main residence before I sell my previous one? A. If you keep your former main residence (Home A) and buy another main residence(Home B), you will probably have to pay the 3% Stamp Duty Land Tax surcharge initially on the price of Home B.

However, so long as you sell Home A within 36 months of completing on the purchase of Home B, HMRC will make a full refund of the 3% paid on Home B.

The refund applies to the sale (or other type of disposal) of any property that has been your only or main residence at some point during the 36 months leading up to the purchase.

In other words, you don't have to be moving directly out of one main residence and into a new one.

How long you have lived in a previous main residence will not be relevant, so long it qualified as your 'residence' as outlined above