This is quite a common question among people at the moment regarding the new changes to stamp duty – what if I don’t sell my old property at the same time that I buy a new one?
For example if you want to do some work on the new property before moving in or you just want time to move without the stress or hassle of having to do it all on one day. Or maybe your sale falls through and you have to go ahead with your purchase for whatever reason?
Well although it is not all set in stone quite yet, the signs are, if you read the full consultation document, that you will be liable for the extra 3% tax on the purchase of a new property that is replacing your old main residence, but as long as you sell the old property within 18 months, you can claim a refund of the extra stamp duty paid.
This may still put a strain on your finances as you will need to consider the fact that you will have to find the extra money in the first place. Once you sell the old property (assuming you do so within 18 months) then you can apply for the refund to claim your money back.