Stamp duty question?

[HappyHome648]

Would anyone please be able to advise as to whether I would be liable to pay stamp duty in these circumstances:

• Already own a house outright (was my primary residence until recently. My parents live there. They don’t pay rent. Parents did not gift me this property).
• I no longer live In the above property. I now live with partner.
• We are looking to buy our first house together this year, budget between £225,000 and £250,000. We will be tenants in common. This will be my primary residence.

As this will be a second home, will I be liable to pay stamp duty or will I be exempt as this will be my primary residence? Any advice would be greatly appreciated, getting mixed advice online. Thanks in advance.

Edited as think I was talking rubbish!

OP if the house is under £250K I think SDLT does not apply?

Yes
If you sell the 1st property within 3 years you can claim it back

Octopus is right I think and I am again wrong. You will pay 3%?

On a second home there is no stamp duty exemption. Properties upto £250k you pay 3%. Over £251k you pay 8%.

Thank you. So even though the home im buying will be my primary residence I will still need to pay stamp duty on the basis of owning a second home?

If someone owns buy to let property, do they still need to pay stamp duty whenever they move and buy a new primary residence?

Yep, a second home for any reason attracts the higher stamp duty rate.

If you are 'replacing your main residence' then you pay the normal rates I.e. no stamp duty below £250k. I am not sure what happens when you are buying as your main (only!) home when you have previously been renting.

We are in the same position. DH owns another property that he does not live in. Therefore we have to pay stamp duty on the house we are looking to buy. There is no exemption. If DH sells his other property within three years we can claim it back.

You can avoid the extra stamp duty if you sell your primary residence to buy the new home. So if you'd moved into a property that your partner owned then sold that to finance the next place you could have kept your old house that your parents live in without the extra charge. Several of my friends have done this.

However, I'm not sure if this applies if your primary residence is now a rental property you'd need to consult a tax specialist

The above posters are wrong btw

www.milesandbarr.co.uk/get-social/estate-agent-blog/148-news/1574-stamp-duty-6-faqs#:~:text=Purchasing%20an%20additional%20residential%20property,not%20pay%20the%20extra%203%25.