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Property Purchase before Sale
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MartynC
Posted: 31 October 2024 22:43:26(UTC)
#1

Joined: 02/11/2017(UTC)
Posts: 397
We have found a house we want to buy but have not yet sold the current house where we are living . As the new house is vacant the Estate Agent is pressing to move ahead quickly.
In order to secure the new house I am thinking of liquidating some of my GA and ISA investments to purchase the new house. We have only just put our current house on the market.
My question is as follows; If we purchase the new house but cannot sell our existing house for several months then how long have we got after we complete the purchase of the new house until the HMRC regard us as owning a two homes and will be subject to capital Gains Tax on the sale profit on out old home?
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Frank Spencer
Posted: 31 October 2024 23:17:10(UTC)
#2

Joined: 13/07/2019(UTC)
Posts: 220

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If you own your origianl house and go ahaed with purchasing the new your solictors will automatically go ahead with the AR stamp duty. I fyou sell oriiginal within 2 years (I think) you can claim the AR back.

I went through this a few years ago and sold down some GIA stocks to enable me to fund the new house I wanted. I sold the original within the given period and calimed the AR bit back without issue and they also seemingly gave me interest on that portion.

All was well in the end

Good luck if you proceed
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2 users thanked Frank Spencer for this post.
Tim D on 01/11/2024(UTC), MartynC on 01/11/2024(UTC)
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