How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Property Law
Satisfied Customers: 11553
Experience:  30 years experience in property law.
31090051
Type Your Property Law Question Here...
JGM is online now

I am planning to buy a bigger house and rent out the

Resolved Question:

Hi, I am planning to buy a bigger house and rent out the current house. The completion date is planned for Jun 30 2016. I plan to do the exchange of contracts by end of March. I understand that there is a proposal to increase the stamp duty by 3% for the second property from April 2016. If I do the exchange of contract in March 2016 and the completion in end of June 2016, what stamp duty will I have to pay. Is the new increased rates applicable or can I claim the current rates based on exchange of contract. The property I am buying is for 310500.Regards,
Ravi
Submitted: 1 year ago.
Category: Property Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Hi Nicola,
Thanks for the update, I am ok to wait for the response. Can you also looking at the other question I have asked which is related to this.Regards,
Ravi
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  JGM replied 1 year ago.
Thank you for your question. The stamp duty on your new home will be £5525. It becomes your new home and the old property will become your second home. As you already own it there will be no further stamp duty payable on it.
The new 3% rate will only apply to second homes bought as buy to lets. You're not doing that, you're buying a home to live in.
I hope that helps. Please leave a positive rating so that I am credited for my time.
JGM, Solicitor
Category: Property Law
Satisfied Customers: 11553
Experience: 30 years experience in property law.
JGM and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
Thanks a lot for the reply. This is good news for me.Regards,
Ravi