Stamp duty

[ProssecoParent]

Solicitor just sent me my completion statement of how much I need to pay for my second house. It states my stamp duty is £1500 which I didn’t think is correct. From what I know I thought I’d be paying 5% stamp duty for my second house. Now I’ve called my solicitor and they’re saying it’s correct which doesn’t make sense. I am getting a buy to let mortgage out on my first home but I didn’t think that made a difference? I don’t want my solicitor to be making a mistake and turns out I have to pay it later on

There’s a stamp duty calculator on gov.uk. My solicitor also miscalculated it so best to iron it out now :)

ive done all the stamp duty calculators online and they’re saying £1500. My mortgage advisor told me that’s not right. I’ve saved up £10,000 thinking that’s how much I needed to pay according to my mortgage advisor!

Do you mean you will owe two houses after completion, so need to pay the additional SDLT rate?

How much is the house? My understanding is you’ll pay:
3% additional rate on the first £125k

7% (2% basic + 5% additional) on the next £125

10% (5+5%) up to purchase price of £900k odd.

Definitely ask them again (and provide them with your calculation too).

My solicitor also messed up my stamp duty calculation as it is a second home temporarily. We will claim back the difference later.

What is your purchase price?

The house is £200,000. I’ve paid them the money that they’ve asked for and told them to double check. I am a little worried though as I’m moving in tomorrow. If I’m calculating it right my stamp duty should be £11,500

I'd say 11,500 as well if it is going to result in you owning two residential properties, even if you are planning to sell your other one. (this was the bit that confused our solicitor)

Who lives in your second home? The reason I ask is I have a second home that my mum lives in and because she’s over pension age I don’t have to pay the extra when I sell my own main home. I too was thinking of buying a £200K property and worked out the stamp duty would be £1500.

There is the stamp duty due on buying a house for more than £125,000 which will be £10,000 and then there is the stamp duty due because it is a second home which is £1500 which you could get back if you sell your other house and this one becomes your main home within 3 years.

I'm not sure what you mean about paying the extra when you sell your home. You don't pay stamp duty when you sell only when you buy.

I’ll be living in my second home, and renting my first home

@Littletreefrogsorry I meant the extra as in I won’t have to pay more on the stamp duty with my new purchase because I own another property.