Buying before selling, stamp duty

[Jennifaerie]

Our completion has been delayed due to a solicitor at the bottom of our chain deciding to do more enquiries the day before we were meant to exchange. We were due to complete Monday which obviously will not now happen. We're relocating so had to organise a number of things ahead of time.

My in laws are selling a rental property at the same time and were going to complete on the 10th of July. They've now asked if they can complete on Wednesday instead so that they can lend us the money to buy our new property which we can then repay as soon as our sale completes. There's no mortgage involved.

Would we need to pay two lots of stamp duty as it would technically be a second home? If so could we claim this back when our property completes?

So sorry to hear this. Absolute nightmare for you. When I looked into this you would have to pay the 2nd lot of stamp duty, but yes you get it back as long as you complete in x amount of time.

And it's 3 years www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

Thankyou! Our latest completion date is now looking like the 14th July if we go down parents route. Everyone in our chain is trying to hurry things along .

Yes, you do need to pay the additional stamp duty - we did this last year, ended up costing us about £16k in additional duty that we then had to claim back (there's a form to print and complete on uk.gov website - it's relatively simple and straightforward) once our home sold (we bought in November, but only sold our home in January). It took about 6 weeks for the money to come back from HMRC once the form was in (annoyingly you have to post it to them). Good luck with your move.