Ask an Property Solicitor. Get an Answer ASAP.
Thanks for your question.
If you will not sell your current property immediately upon completion of the purchase of the new property, then you will have to pay the higher rate stamp duty on the purchase because you would not be regarded as replacing your main residence at the time of completion because although you may live in it immediately you will still own your current property.
However, once you have sold your current property after you have purchased the new property you will be eligible to apply for a refund between the lower rate stamp duty you would normally pay and the higher rate that you will have to pay upon completion of the purchase. You can apply for the refund provided that you sell your current property within 3 years of the date that you complete your purchase of the new property.
If you do not sell your current property within 3 years of the purchase then you will not be able to claim a refund.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back. Please remember to leave positive feedback using the stars at the top of the page.
You will pay higher rate SD when you complete your purchase because you are not yet selling your current property.
If you then subsequently sell your current property within 3 years of the date of your new purchase then you can claim back the excess stamp duty that you pay upon completion.
Yes, you need to tell your solicitor about your other property, they will need to know as they will submit your HMRC sd return on your behalf.
If you live in the new property then there will not be any CGT implications on provided you sell your current property reasonably soon after completing your new property but beyond that you would have to seek the advice of an accountant.
PLease leave feedback using the stars at the top of the page.Tom