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Q: 2020/2021 Where will we finish up this season?
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Justin P 12:18 Tue Nov 17
Stamp Duty question?
Hopefully there are a couple of property guru's in here.

Currently paying stamp duty is exempt until March for your main residence up to 500K.

My question is if your main residence is a rented property, of which you are giving up to purchase a house on a residential mortgage, house is 250k, but you own other property which are Buy To Lets on BTL mortgages, are you still exempt from paying the 3% stamp duty?

Replies - Newest Posts First (Show In Chronological Order)

Justin P 2:12 Wed Nov 18
Re: Stamp Duty question?
Thanks Fonz lad

The Fonz 3:27 Tue Nov 17
Re: Stamp Duty question?
Justin - I brought a BTL in July and was told by my solicitor that I would need to pay approx £6k stamp. I did my homework and I only actually needed to pay approx £1k as it was my first property purchase. I told my solicitor this and she told me I was wrong. I then told her to call up HMRC like I had done as it was becoming a bit of an issue.

I recommend calling up HMRC if you want to do this correctly and asking them. As others have said the solicitors do not give a shit as it is not their money.

Justin P 2:45 Tue Nov 17
Re: Stamp Duty question?
Vexed , good to know, my plan is now this:

1) See if I can avoid paying it legally, get tax advice and they can write my solicitor a letter saying that I am exempt from paying the stamp legally.

2) Find a dodgy tax guy (think the mafia's legal representation) who will write me that letter and back it up if they call him, for a fee of course!

3) Say to my solicitor that I will take advantage of the 14 days that I have to pay the stamp duty after the completion of the property and do this: Exchange next week with the 10%, complete on the 18th Dec with the balance minus the stamp duty amount and when its time to pay the stamp within the two weeks after completion, just say to the solicitor that I refuse to pay it as I believe I am exempt from paying it! let them deal with it and use a different solicitor next time!

Jobs a good un!

Block 2:26 Tue Nov 17
Re: Stamp Duty question?
Vexed = Kirsty Alsopp

Vexed 1:47 Tue Nov 17
Re: Stamp Duty question?
the 36 months rule is a bit of a bummer but since the OP had chopped in more than 36 months before the rules were applied does this still count? I think if you were within 36 months of these rules coming in you'd have a better argument but I'd still be arguing the toss. If it doesn't explicitly cover your circumstance within the rules you have a chance of wriggling out of it I think.

Of course you always have the option of not paying it (it's your decision not the solicitors) and hoping you don't get audited in the next seven years.

Heath Hammer 1:22 Tue Nov 17
Re: Stamp Duty question?
Justin P 12:58 Tue Nov 17
Re: Stamp Duty question?

Reading the webite that was posted i think she is probably right (sorry to say)

Justin P 12:58 Tue Nov 17
Re: Stamp Duty question?
Cheers fellas

I get the impression the solicitor is trying to cover her arse and somebody else has already said that, they don't care as its not their money.

I've been renting for over 8 years having previously owned a property before that which got sold.

This solicitor said I was exempt because of the stamp duty break till the 31st March 2021 on a main residence but is now saying because I have investment property elsewhere I have to pay it maybe? she dropped the 7.5k bomb on me this morning! the shitcunt

She doesn't know herself!

Vexed 12:42 Tue Nov 17
Re: Stamp Duty question?
A main residence is usually a property you own in the eyes of these rules. Your solicitor will almost certainly want to put this through with the stamp duty because it covers their arse and they don't care if you have to pay more money.

The rules (four years ago, they may have changed since) didn't cover this specific situation so it was a bit of a grey area. If all your bills and correspondence goes to your rented address you probably have a valid argument to not pay it.

The rules were that if you sold a main residence and bought another main residence you didn't have to pay. You are sort of doing this, you just dont own it.

I'd check the rules thoroughly, argue the toss with the solicitor, if they dont play ball it's your decision wether you think you have to pay it or not anyway but it's always better if you have the backing of the solicitor.

I think you're probably ok not to pay it.

Heath Hammer 12:39 Tue Nov 17
Re: Stamp Duty question?

My read is that you are liable for Stamp - but can then reclaim if you had sold your main residence in the last 3 years.

seems to have got a bit more complicated since i last brought a house!

SecondOpinion 12:39 Tue Nov 17
Re: Stamp Duty question?
SHOW OFF

Westside 12:32 Tue Nov 17
Re: Stamp Duty question?
Basically exempt from the stamp duty.

Unless if more than 3 years ago, you have sold your main residence and not bought another one. I know you say you are in a rented property currently, but don't know if you sold your main property prior to that.

Useful article.

https://www.stampdutycalculator.org.uk/stamp-duty-buy-to-let.htm





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