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Stamp Duty Land Tax (SDLT) also known as Stamp Duty is charged when you purchase houses, flats and other land and buildings over a certain price in the UK.
If you have sold what was previously your main home and you were either the main buyer of the property charged at the higher SDLT rate or acting as an agent for the main buyer, you may be eligible for a repayment of the higher rates of SDLT for additional properties. Here’s what you need to know about the process:
You must have sold your previous main residence within 3 years of buying the new property to qualify for a refund, unless exceptional circumstances apply. If you purchased your new home on or after 1 January 2017 and were unable to sell your previous home within 3 years due to reasons beyond your control, you may qualify for a refund.
Examples of exceptional circumstances include delays in selling due to the impact of coronavirus (Covid-19) or action taken by a public authority preventing the sale. Once the exceptional circumstances end, you must sell the previous home to be eligible for the refund.
To apply for the refund, write to HMRC and provide the necessary information, including an explanation of why you couldn’t sell your previous main home within 3 years.
Include your details, details of the main buyer (if different), information about the property that attracted the higher rates of SDLT, and details of the previous main residence you’ve sold.
Specify the amount of tax paid on the property that attracted the higher rates and the amount of tax you’re requesting for a repayment. Provide bank account and sort code details for electronic payment of the refund if possible.
Written in August 2023 by:
Sam Chester
Before applying for permission to remortgage, gather the required documents:
You’ll need a conveyancing solicitor for the application process. These can be added to your product for free or you can appoint your own. Your broker will be able to assist with this.
Ensure you are up to date with equity loan payments. If there are arrears, pay them off or set up a payment plan with the Customer Service team.
Get a surveyor’s valuation on your property to determine the market value. This will help confirm whether you can afford the new repayments in the long term.
The LTV is the difference between your home’s value and the amount borrowed. The maximum LTV limit is usually 75% unless repaying part of the equity loan. The limits vary based on the equity mortgage percentage share.
If your property is affected by certain conditions like external cladding, you may need a specialist valuation report. Provide the RICS valuation report it should be supplied as an un-editable file or PDF document. The document should be on company headed paper and addressed to Homes England.
Contact the Customer Service team to initiate the remortgage application. They will guide you through the process and next steps.
Fill out the application form with details such as your equity loan account number, remortgage amount, solicitors, and mortgage broker’s information.
Send all required paperwork to the Customer Service team via email or post. Pay the administration fee depending on the type of remortgage.
The Customer Service team will inform you of the decision by email or letter after reviewing your application and documents.
Once approved, Help to Buy send the ‘Authority to Proceed’ form to your mortgage lender or broker. Complete the remortgage and have your solicitor send the new lender’s offer and legal documents to Homes England.
Upon verification, you and your solicitor will receive a final acceptance letter. The legal documents will be sent back to your solicitor.
Keep in mind that the permission granted is valid for 6 months from issuance. If the remortgage is not completed within this time, you may need to repeat the application process.
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The content within this article is as accurate as the date it was written. To ensure the most up to date information, you should consult with one of the experts that we work with as every lender and their polices are different and can be changed or amended without notice.
This website is for information only and does not constitute financial advice. Our mortgage advisers are all fully qualified to provide mortgage advice in accordance with the Financial Conduct Authority (FCA) regulations. We only exclusively operate with businesses that are authorised and regulated by the FCA. All advice offered will be unique to your individual circumstances.
Some Buy to Let mortgages are not regulated by the FCA. You should carefully consider securing other debts against your home. If you do not keep up your mortgage repayments, your home may be repossessed. Equity released from your home will also be secured against it.
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