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When is a Second Home not a Second Home?
From the 1 April 2016, higher rates of stamp duty will apply to the purchase of additional residential properties, for example, if purchasing second homes or buy-to-lets costing more than £40,000. The higher rates will be 3% above the current stamp duty rates. However, in some circumstances, individuals may choose to purchase a new main residence before disposing of their previous main residence; for example, job or family commitments may mean that a person has to retain multiple homes for a while. In other cases, a person may end up owning multiple homes unintentionally, for example, a person may be involved in a chain and the sale of the main residence falls through but they decide to proceed with the purchase. In these circumstances, the purchase of a new main residence will mean the person will end up owning 2 or more properties and will not have replaced their previous main residence. In these circumstances, the higher rates of stamp duty will apply to the transaction; however, purchasers will be eligible for a refund from the Inland Revenue of the additional stamp duty paid providing they sell their previous main residence within 36 months of the purchase of the new, main residence.
Parkes Wilshire Johnson Solicitors have been advising clients for over 60 years in the field of buying and selling property. Expert advice tailored to individual clients’ needs is even more vital with the introduction of increasingly complex stamp duty provisions. We pride ourselves on providing a high quality, bespoke service to our clients. Please telephone or email firstname.lastname@example.org for an estimate today.