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Madhu Pal
Madhu Pal,
Category: Law
Satisfied Customers: 494
Experience:  Solicitor at HPLP Solicitors
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I want to buy a property at £ 572000 which is going to

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Hi. I want to buy a property at £ 572000 which is going to replace my current house which I have already sold. I am a landlady and have one property which i am renting out. How much stamp duty should i pay?
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Customer: Please let me know how much it would be to proceed with my inquiry
JA: Where are you? It matters because laws vary by location.
Customer: i am buying a property in London. I am living in Nottingham at the moment
JA: What steps have you taken so far?
Customer: Just agreed on the purchase
JA: Anything else you want the Lawyer to know before I connect you?
Customer: I can’t think of any. But I need to know the fee
Customer: replied 11 days ago.
Please note that i have cancelled my subscription with you on paypal. I have just paid £5 and haven’t received any reply from you yet. Please confirm the cancellation of the subscription

Good afternoon, can you clarify where you are currently living if you have already sold your main residence?

Customer: replied 11 days ago.
I haven’t completed yet. I live in my property but will move out with my daughter until I bought my property

My advice would be to not complete until you complete the purchase of your property so it would be classed as "replacing your main residence" and under the current stamp duty rules you would only pay standard stamp duty on the amount above £500,000.

If you sell beforehand and are temporarily living elsewhere then that would be classed as your main residence, which you are not replacing so then you would be liable to pay the higher rate of stamp duty even though you will be living in it, because you already own another property.

Hope this helps?

Customer: replied 11 days ago.
I have to sell in order to purchase. I am replacing. My question was about the other property that i have and rented out. Do I have to pay more stamp duty because i own a buy to let property which i had for many years and I rented it

No, you do not have to pay more stamp duty on the buy to let. You will be paying more stamp duty on this new property that you buy.

A sale and purchase usually tie in together on the same day but if you still prefer to sell first and move in with your daughter that is up to you.

Customer: replied 11 days ago.
I am purchasing this property tied to the property i am selling. The government calculations didn’t occur any extra stamp duty even if i answered I have another property. I want to know if this is correct?

But you are not tying it in if you are selling independently then moving in with your daughter. The sale and purchase must be simultaneous.

Did you input that you will be replacing your main residence on the government calculations?

Customer: replied 11 days ago.
i did

Let me just double check this point

Customer: replied 11 days ago.
Thanks. I need to know if I paid extra for my other property the gov calculator didn’t occur any even if it asked if i have other property and i said yes.

Apologies, yes you are also able to sell your main residence within 3 years of buying your new one to apply the "replacing main residence" rule which means the calculations as per the government calculations are correct and no extra stamp duty will be payable.

So regardless that you own another property, because you are purchasing this as your main residence no additional will be payable.

I hope this helps.

Customer: replied 11 days ago.
Thank you very much.
You're welcome, all the best.
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