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Moving - selling to buy - stamp duty

  • 26-06-2020 11:44am
    #1
    LincolnHawk
    Registered Users, Registered Users 2 Posts: 364 ✭✭


    Selling our house to buy another, I.e in a chain.
    does anyone know if stamp duty on the house we are buying needs to be paid upfront or can it be paid from the proceeds of the sale of our house.
    The deposit for the house we are buying comes from the sale obviously but can the same approach be applied for stamp duty?
    Thanks


Comments

  • #2
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,548 ✭✭✭Claw Hammer


    LincolnHawk wrote: »
    Selling our house to buy another, I.e in a chain.
    does anyone know if stamp duty on the house we are buying needs to be paid upfront or can it be paid from the proceeds of the sale of our house.
    The deposit for the house we are buying comes from the sale obviously but can the same approach be applied for stamp duty?
    Thanks

    You have 28 days after closing the purchase to pay the Stamp Duty. By then, you should have the net proceeds of the sale of the first house to hand.


  • #3
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    LincolnHawk wrote: »
    Selling our house to buy another, I.e in a chain.
    does anyone know if stamp duty on the house we are buying needs to be paid upfront or can it be paid from the proceeds of the sale of our house.
    The deposit for the house we are buying comes from the sale obviously but can the same approach be applied for stamp duty?
    Thanks


    Although stamp duty needs to be paid within 28 days of buying the house, your solicitor will require the stamp duty amount in their account prior to requesting funds if you are getting a mortgage to buy a house - it’s part of their is undertaking to bank to have balance of purchase funds, outlay to register the house and mortgage and stamp duty before requesting funds.

    Your solicitor will let you know what money they need and when they need so you should ask them how the chain will work.


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