When you buy a property, it is probably the most expensive purchase that you will ever make. As well as the price of the property itself there are many other costs involved in purchasing a property of your own. These include solicitors’ fees, removal company costs and of course stamp duty.
In the past year or so stamp duty has been in the news a great deal due to the fact that buyers of properties have been given a stamp duty holiday with the intention of keeping the property market going during these turbulent financial times.
But for many people, who have already bought a home before this was announced it was still something that had to be paid. However, some people are actually entitled to a stamp duty refund. Here are some of the reasons that this could be – it may even mean that you are entitled to one!
Refund for a Second Home – there are a few reasons why you may get a second home stamp duty refund – some of these are – you were forced to buy a second home due to divorce and you purchased it before the original home was sold or you lost a buyer for your home when you had already committed to buying a new home meaning that you purchased the new property as a second home whilst you were looking for a new buyer.
If you bought your first home between November 22nd, 2017, you may be eligible to receive a refund, even though stamp duty for first time buyers was not abolished until November 2018. As long as the property was purchased for less than £500, 000.