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Buying a 2nd Home

Discussion in 'General Discussion' started by Bodd, 8 Feb 2020.

  1. Bodd

    Bodd

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    I'm pretty much mortgage free now. I'm exploring how to now do Somthing with my money to have a comfortable pension.

    One thing I'm thinking of is buying a house that needs renovation... While living in my existing home...

    My question is will I have to pay Stamp duty on the 2nd home.... If I were to sell the 1st home once we move into number 2.
     
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  3. charliegolf

    charliegolf

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    Yes, but depending on how long before you move in to home no 2 and sell no 1, you might be able to reclaim it.
     
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  4. Bodd

    Bodd

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    So I would need to pay the Stamp duty regardless. ?

    My guess would be 6 months from buying new house to moving in and putting old house on the market
     
  5. Notch7

    Notch7

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    Are going to name your new home:

    Bodd Towers
     
  6. Bodd

    Bodd

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    Now that's just Silly....
     
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  8. algas

    algas

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    You will have to pay stamp duty, then you have 3 years to claim it back.
     
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  9. Bodd

    Bodd

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    Would thst be routine... easy to do
     
  10. algas

    algas

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    Yep Daughter did it last year, no probs that I'm aware of
     
  11. Mottie

    Mottie

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    You might want to check it out properly but I think if you sell house number 1 after moving into house number 2, you may have to pay capital gains tax on the sale of house 1 as it’s not your primary residence. I think if you sell house number 1 and then move into house number 2 you will be okay.
     
  12. algas

    algas

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    Daughter sold her house about 9 months after buying the other one which she was living in didn't have to pay C/G
     
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