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  • FIRST POST
    • simond83
    • By simond83 6th Dec 17, 9:03 AM
    • 8Posts
    • 0Thanks
    simond83
    Stamp duty on shared ownership
    • #1
    • 6th Dec 17, 9:03 AM
    Stamp duty on shared ownership 6th Dec 17 at 9:03 AM
    I bought my first home in April this year. However, it was a shared ownership property, and i was able to afford 65% of it.

    The total price of the property was £295,000, meaning my 65% share was bought for £191,750. On that price, my Stamp Duty cost came to £1,335. Had i opted to pay the entire stamp duty bill for 100% of the property, i would have paid £4750, but am very pleased i didn't take this option!

    So, were the value of my property to stay at £295,000 when i come to staircase up to 100% (or 70% plus), would i have to pay Stamp Duty on that remaining 35% (£3415), or am i still classed a first time buyer and under the £300K mark, so will i get let off? Can't find the answer to this anywhere!

    Thanks, Simon
Page 1
    • haras_nosirrah
    • By haras_nosirrah 6th Dec 17, 9:42 AM
    • 1,329 Posts
    • 2,472 Thanks
    haras_nosirrah
    • #2
    • 6th Dec 17, 9:42 AM
    • #2
    • 6th Dec 17, 9:42 AM
    I am afraid you will not be classed as a ftb and will have to pay stamp duty again if you go over 80% ownership
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • simond83
    • By simond83 6th Dec 17, 8:21 PM
    • 8 Posts
    • 0 Thanks
    simond83
    • #3
    • 6th Dec 17, 8:21 PM
    • #3
    • 6th Dec 17, 8:21 PM
    Thanks Sarah.

    Is this written down anywhere? I googled for weeks, but haven't been able to find official confirmation. Any pointers would be great!

    Simon
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