Two week overlap between new house and old. What's the deal with the stamp duty on second homes?

[trixymalixy]

We have bought a new (to us) house and assumed we would be paying the extra stamp duty (or whatever its now called) on second homes and claiming it back when our current house was sold.

However we have had an offer that would mean our current house would be exchanged only two weeks after the new house.

Stamp duty is payable 30 days after completion. Does this mean that we now wouldn't have to pay the extra as we have bought and sold within the 30 days?

Will obviously phone my solicitor on Monday to clarify, but this would be very good news for us if we don't have to pay it and then claim back so desperate to know now!!

[H1ghw4y61Revisited]

Unfortunately you will still have to pay the extra stamp duty and claim it back. You have 30 days to pay the stamp duty but it is calculated on the dates of sale and purchase. Any way you could shift your purchase date to sync them up?

[trixymalixy]

We've tried. They were only willing to move it by one week which doesn't help.

Oh well. Not a big deal, but it would have been nice to not have to shell out that money just before Christmas!

[Spickle]

Agree with H1gh4y61.

The firm I work for completes the SDLT paperwork at completion so monies need to be in their client account at this time. As you will technically own two residential properties at the end of the transaction you do have to pay the higher rate but when your first residential property is sold, you will be eligible to claim the extra stamp duty back.