Author Topic: building a house  (Read 13297 times)

Rois

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Re: building a house
« Reply #105 on: July 14, 2020, 05:28:31 PM »
My understanding is that there is still 3 % surcharge for second homes.
Yep - completed on a new house on Friday and had to pay the 3%.

Claim the 3% back if you sell the current house within 3 years (that's what I'll be doing).


RadioGAAGAA

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Re: building a house
« Reply #106 on: July 14, 2020, 05:38:24 PM »
3 years or 2?
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RedHand88

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Re: building a house
« Reply #107 on: July 14, 2020, 05:47:19 PM »
How much can be saved by not using a contractor and sorting out the tradespeople yourself? Is it worth the extra stress and hassle?

Rois

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Re: building a house
« Reply #108 on: July 14, 2020, 06:21:07 PM »
3 years or 2?
3

Per HMRC website:

If youíre replacing your main residence
You will not pay the extra 3% SDLT if the property youíre buying is replacing your main residence and that has already been sold.

If you have not sold your main residence on the day you complete your new purchase youíll have to pay higher rates. This is because you own 2 properties.

You can apply for a refund if you sell your previous main home within 36 months.

God14

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Re: building a house
« Reply #109 on: July 14, 2020, 06:37:28 PM »
Thanks Rois, I suppose I hoped that because the site wasn't in construction, the tax wouldnt apply
But its fairly clear in that info you posted

Rois

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Re: building a house
« Reply #110 on: July 14, 2020, 07:10:09 PM »
It might not apply, I donít know the situation when you donít have another residence to move into, but your solicitor will be the one you need to convince. I just know that you have to pay the additional second property rate despite the stamp duty holiday when you buy a second home.

Give me a day and Iíll check with a colleague.

RadioGAAGAA

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Re: building a house
« Reply #111 on: July 14, 2020, 07:43:55 PM »
How much can be saved by not using a contractor and sorting out the tradespeople yourself? Is it worth the extra stress and hassle?

If you don't have a fair idea what goes into building - or don't have family that does, then IMO your only likely to end up stressed, over budget, behind schedule and eventually getting someone in anyway to manage it.
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