Selling family home

[littlepotatoes]

Not really sure where this belongs but hoping someone can help.

After a split with DH we have put the house on the market. It will take aaaages to sell so I want to buy another home in the mean time rather than renting for years. How will having another house affect the money I get from the equity in our family home? Will I need to pay loads of tax on it?

Thanks for any advice

Silly initial question here, but how are you going to afford to buy a new house if you haven't had any equity released from the sale of the family house? Although if you have other funds, then I guess that's irrelevant!

But, sorry, I can't help with your tax issue.

Why would you pay tax on it?

If you already own a home, you will need to pay 3 percent surcharge on a next purchase

Ps. Only if your home is not sold

I if you've already got one mortgaged house, you probably won't be able to get another mortgage.

You will have to pay the higher stamp duty as you won't be classed as a first time buyer whilst your house remains unsold.
Shouldn't be tax to pay though- if you'd rented it out, lived elsewhere then sold, there'd be capital gains tax, but if it's been your only property and residence then CGT wouldn't apply.

Oh gosh. Sorry. I am not making myself clear. This 3 per cent surcharge is on stamp duty. I have found myself in this position this week. If your home is sold, I think within 3 years, you can claim that back

Why will it take ages to sell? With all the extra costs with renting, moving twice and extra stamp duty etc, might it be better to drop the price for a quick sale so you can buy quicker?

@BarbaraofSevillle I would definitely do this but ex is being pretty difficult.

So I would just have to pay extra stamp on the new purchase but would get all the equity I’m due from the house my DH is still living in? Ok that sounds doable, but would just have to make sure I’d be allowed to get a new mortgage I guess