This is so useful. I’ve been looking for a video and how to guide for awhile and this was spot on! Cant believe there’s not more videos on this - thank you so much. Just need to finalise my sale have 2 months yet
We sold our main residence back in 2020 and moved into rental, but also own a property we rent to students. After nearly 5 years of searching for a home for ourselves we finely had an offer accepted a few weeks ago. However, just found out in time for this tax hike, even though we will be replacing our main residence, we still have to pay the higher rate of tax, because we didn't replace it within 3 years?!!! Yet, at no point will we have owned more than 1 main residence! The 3 year rule is crazy, how is anybody supposed to know about this until they are in a position to buy a house again, at which point its too late?! Our stamp duty bill just went up £30k, that's 50% of the deposit! Absolute theft! Game over... back to renting!
Sorry to hear that the rules have had such an impact on you. Unfortunately this is part of the reason for putting the videos out there to help ensure everyone is aware of these rules. Good luck and I hope that everything works out for you moving forwards.
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Do you know how strict the time frame is? Say the transaction completes 3 years and 1 month later.. would that be an automatic rejection from experience? Thanks
I suspect you would need to have reason for why it wasn't within the 3 year time frame i.e. that was the intention but there was unforeseen delays which made it go over the three year limit.
This is so useful. I’ve been looking for a video and how to guide for awhile and this was spot on! Cant believe there’s not more videos on this - thank you so much. Just need to finalise my sale have 2 months yet
Glad it was helpful!
I'll be able to share more next year when I go through the process personally as well.
Very useful! Thank you.
Your welcome.
We sold our main residence back in 2020 and moved into rental, but also own a property we rent to students. After nearly 5 years of searching for a home for ourselves we finely had an offer accepted a few weeks ago. However, just found out in time for this tax hike, even though we will be replacing our main residence, we still have to pay the higher rate of tax, because we didn't replace it within 3 years?!!! Yet, at no point will we have owned more than 1 main residence! The 3 year rule is crazy, how is anybody supposed to know about this until they are in a position to buy a house again, at which point its too late?! Our stamp duty bill just went up £30k, that's 50% of the deposit! Absolute theft! Game over... back to renting!
Sorry to hear that the rules have had such an impact on you. Unfortunately this is part of the reason for putting the videos out there to help ensure everyone is aware of these rules. Good luck and I hope that everything works out for you moving forwards.
Do you know how strict the time frame is? Say the transaction completes 3 years and 1 month later.. would that be an automatic rejection from experience? Thanks
I suspect you would need to have reason for why it wasn't within the 3 year time frame i.e. that was the intention but there was unforeseen delays which made it go over the three year limit.