Stamp duty

[dombanks]

Does anyone know when/how you pay stamp duty when buying?

As in is it a 1 off payment at exchange?? Is there a grace period... can you split it up over time??? Etc 

Tried using the stamp duty calculator on govt site but it was asking questions like rent amounts and periods  and how much each year and stuff that I have no idea about??? 

I know how much it will be as it's a simple 3% for me 

[Stuart]

You pay it to your solicitor at completion

[stephenh]

Yes, your solicitor or conveyancer will have to pay it following completion before they can register your purchase at the land registry.

It sounds as if you were looking at the stamp duty calculator for leasehold property, which is a much more complicated calculation partly based on the capital value and partly the ground rent.

[XTR2Turbo]

Don't forget that if a second home or not initially selling your house when moving you pay an extra 3% now and gave 2 years to sell or lose 

[darve]

25 minutes ago, XTR2Turbo said:

Don't forget that if a second home or not initially selling your house when moving you pay an extra 3% now and gave 2 years to sell or lose 

And extra 3% if in a corporate vehicle

[dombanks]

Taa laa  

So yes my stamp duty is the 3% due to the bl**** house I own with am ex that just won't go. Seriously I could kill a few birds with one stone by setting fire to it with some of the stuff we have lying around chemistry. 

What do you mean by sell or lose? 

It seems like it's down to definition. I will still probably get stung for it as we couldn't sell it due to -ve equity. After we split I lived there for a while but moved on so we rented it out. 

[XTR2Turbo]

typo   have 2 years to sell 2nd home and claim back the 3%

[CrisisWolf]

9 hours ago, dombanks said:

Taa laa  

So yes my stamp duty is the 3% due to the bl**** house I own with am ex that just won't go. Seriously I could kill a few birds with one stone by setting fire to it with some of the stuff we have lying around chemistry. 

What do you mean by sell or lose? 

It seems like it's down to definition. I will still probably get stung for it as we couldn't sell it due to -ve equity. After we split I lived there for a while but moved on so we rented it out. 

Its 3% on the total value (as you're deemed a multi-home owner) PLUS the stamp duty you'd have to pay anyway (0-2-5%)

 

Buyers of additional residential properties, such as second homes and buy-to-let properties, will have to pay an extra 3% in Stamp Duty on top of current rates for each band.

[WestyNottm]

I'm just purchasing another home as a development project. Providing I sell my main home within 3 years and move into it, thus making it my main (and only) home, I can reclaim the additional 3% SDLT paid.

[CrisisWolf]

In doing my double checking before I posted I realised that claim back fact too. Did not know that! Wonder how easy the reclaim is and if you can do it yourself or if its 'additional work' for your solicitor when you have completed the sale?

[WestyNottm]

Just get the form from the Gov web site, fill it in, and send it off!

[CrisisWolf]

Wow - something simple for a change

[SootySport]

If you are in neg. equity, why sell now?     you'd be better off carry on renting.  

[dombanks]

It's complicated. House is on runcorn I live in Leicester. Rent doesn't cover mortgage payment. It's just a bind. It's just about broken even now if it sells well but no interest last summer. I want to buy here as at the mo I'm paying 750pm rent. It's crazy the flat I was going for would have only been 340pm mortgage! 

Just want rid of the place. If we'd sold when wesplit and taken a personal loan ld be long rid. 

[SootySport]

Blimey mate your circumstances are complicated, sounds like everything went wrong at the same time and the seperation factor just made things worse.  Yeh, sell it quick.