As from 1st April 2016 the Government are introducing new Stamp Duty rates in relation to a property which will not become your principal residence, i.e. a second property for a holiday home or indeed to let out.
The new higher rate of Stamp Duty will only apply to residential properties that are purchased in England, Wales or Northern Ireland either on or after 1st April 2016.
If you are planning on selling your current home and buying an alternative property in its place these changes will not affect you as after all completions have taken place you will ultimately only own one house.
To ensure you are paying the correct amount of Stamp Duty on your purchase you should confirm with your Solicitor whether (either solely or with another person) you currently own a property, and if so, if your intended purchase to be purchased in addition to that property is being retained.
At QualitySolicitors Lawson and Thompson our conveyancing department will be able to assist you with regards to informing whether the new rules will be applicable to your purchase, and if so, how much your liability will equate to.