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Part Exchange Stamp duty
upthehillbackwards
Posts: 2 Newbie
We are in a situation where we want to buy a larger house, the seller of the house has marketed via an estate agent but we havnt yet.
The seller would be interested in part exchanging with us. Would either of us be liable for stamp duty if all went ahead?
The seller would be interested in part exchanging with us. Would either of us be liable for stamp duty if all went ahead?
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Comments
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yes, you both pay stamp duty on the market value of your properties.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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What silvercar said.
If you want to save something then you could adjust in a downwards direction the value that you both pay for the houses, therefore you save - most handy if you can bring one in under a threshold if there is one nearby.
Need to be careful on two fronts:
a) Stamp duty is paid on the market value so you can't reduce one down to zero - whilst market value is subjective, they still need to be plausible sums.
b) You need to maintain enough equity to keep a decent LTV % on your next mortgage.Everything that is supposed to be in heaven is already here on earth.
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Thanks for your advice,
For part exchange would we require a HIP?0 -
You wouldn't if your house isn't being marketed and it is a private sale.Everything that is supposed to be in heaven is already here on earth.
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