Does anyone understand the new 2nd property tax?

[Petrus1983]

Looking for some advice... I've found a property I'd like to buy, but the vendors have 4 offers and need to move quickly. I can raise the finance without needing to immediately sell my house (like a bridging loan for instance) but I'm assuming that will hit me with an extra 3%? My wife doesn't own a property and isn't listed on my other property either - could we buy it in her name and avoid the 3%? The 3% on the property is quite a chunk of money, especially as we'd only actually own 2 homes for circa 8 weeks.

[mph1977]

Petrus1983 said:

Looking for some advice... I've found a property I'd like to buy, but the vendors have 4 offers and need to move quickly. I can raise the finance without needing to immediately sell my house (like a bridging loan for instance) but I'm assuming that will hit me with an extra 3%? My wife doesn't own a property and isn't listed on my other property either - could we buy it in her name and avoid the 3%? The 3% on the property is quite a chunk of money, especially as we'd only actually own 2 homes for circa 8 weeks.

in that case as has been discussed a number of times in topics on here the 'extra' SDLT would be refunded on completion of the sale of the original property .

[Petrus1983]

mph1977 said:

in that case as has been discussed a number of times in topics on here the 'extra' SDLT would be refunded on completion of the sale of the original property .

Thanks mph - I don't delve into the finance threads too often!

[Countdown]

FWIW I've seen a few flowcharts which make it clear whether or not a person will be affected by the extra 3% levy.


http://www.property118.com/one-btl-buying-first-re...

[Petrus1983]

Countdown said:

FWIW I've seen a few flowcharts which make it clear whether or not a person will be affected by the extra 3% levy.


http://www.property118.com/one-btl-buying-first-re...

That's a real help - especially knowing we'd have 18 months rather than being pushed into a fire sale situation.

[Eric Mc]

I thought that the 18 month "window" had been extended to 36 months in the recent budget.

[Petrus1983]

Thanks Eric - just googled it and you're correct.