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Stamp duty

31 replies

ProssecoParent · 30/12/2024 10:58

We're wanting to move into a bigger house. We have the funds to purchase another house without needing to sell our current home first however we've just found out that if we don't sell our first home and purchase a second home than we would have to pay £10,000 in stamp duties?! We were planning to put the house on the market anyway but we were hoping to purchase another house straight away. Is there anyway around this? That's a lot of money that I don't really want to spend if I don't have to but also where are we supposed to live if our house sells? I don't understand how everyone does this does everyone really just pay £10,000 when moving?!

OP posts:
RolyPolyNiceAndSlowly · 30/12/2024 12:57

As @clary says.,.

It’s not just if you have two homes.

You have to pay stamp duty if you simply move house, but more stamp duty if you have two homes!

ProssecoParent · 30/12/2024 13:07

Yeah I know but thankfully we've been looking at houses around 220k just for that reason!

OP posts:
Bluevelvetsofa · 30/12/2024 13:16

Some developers are waiving the stamp duty fee on new properties, but who know how long that will last.

ProssecoParent · 30/12/2024 13:18

Not a fan of new builds

OP posts:
clary · 30/12/2024 13:21

ProssecoParent · 30/12/2024 13:07

Yeah I know but thankfully we've been looking at houses around 220k just for that reason!

Make sure you complete (ie complete the purchase of the new home, not the selling of your current one) before 31 March next year then or you'll have to pay the 2% on anything above £125k.

Daffy25 · 30/12/2024 18:49

ProssecoParent · 30/12/2024 12:00

How long does it take to receive the stamp duty back?

It was a simple form and it only took a few weeks

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