Bridging brokers are disappointed that people who buy a second home before selling their first will still have to pay the 3% stamp duty surcharge – despite concessions made by the government in today’s Budget.
Bridging brokers are disappointed that people who buy a second home before selling their first will still have to pay the 3% stamp duty surcharge – despite concessions made by the government in today’s Budget.
The government has extended the time purchasers have to claim their stamp duty surcharge refund from 18 to 36 months, but for brokers the issue is making them come up with the cash in the first place.
Lucy Hodge, director of Vantage Finance, said: “If it’s a genuine case of buying something before they sell they shouldn’t have to go through the process of claiming it back.
“People are often stretched in these scenarios where they are putting a lot of money in.”
She added: “If they decide to rent out the house they were living in before they get an extra 18 months but what difference does it make? It gives them the option to let it out for a few years but I can’t see many people doing that.
“People will just sell when they can whether they have 18 months or 36 months.”
However Hodge was happier with the change to commercial stamp duty, which she said was “positive for the industry”.
Bramhall Commercial ownerChris Ashton agreed. He added: “The government’s change makes no difference whatsoever and the surcharge shouldn’t be there in the first place.
“It’s absolutely outrageous.”
