Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • simond83
    • By simond83 6th Dec 17, 9:03 AM
    • 11Posts
    • 0Thanks
    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
    • 1,399 Posts
    • 2,597 Thanks
    • #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
    • 11 Posts
    • 0 Thanks
    • #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!

Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

155Posts Today

1,471Users online

Martin's Twitter