Stamp Duty Exempt - Should I advertise the fact?

Filoola_2

I am looking to sell my 3 bed semi privately, and it is in a Stamp Duty Exempt area. This is because there is what is classed as a 'disadvantaged area' nearby, but it doesn't actually affect my street which is perfectly OK - it's just fallen within the boundaries.

No stamp duty reflects a saving of up to £1300 - but do you think that advertising this fact put off potential buyers as they may think it's a 'rough' area?

Fay

I don't think it would put people off Filoola, we are also in a 'disadvantaged area'..seperated from the advantaged one by a row of trees. We just happen to fall the wrong side of the boundary, on the same private estate! Our EA have not been telling people, so we have when they come to view and most people are really chuffed that they make such a big saving!

lynzpower

Id sing it from the rooftops if I were you!

If only I could find a property that were stamp duty exempt- I live in hope!

I think anyone who is buying a property, should have a fair idea of the area and Id be doing things like walking outside the property after dark, checking out performance of local schools etc, and I think most buyers would be doing the same if they are not familiar already with the area.

lynzpower

Just a quick thought.

Ok im on the HMRC website at the moment, and Im finding a massive list of the areas that are SD exempt. Am I right in thinking that NO stamp duty be paid on properties that are for sale in these areas or that there is a %reduction?

The flat my area is in when I bought it is a SD exempt ( 2 years ago though) but I still had to pay it as its a shared ownership and for some mental reason, SD exempt doens apply to SA properties?!?!

tee_pee_2

advertise it, first time buyers would be well chuffed if they didn't have to pay. Getting on the property ladder is really hard, you are giving them a helping hand.

Jorgan_2

As an EA I would definetley advertise this information. Many people don't realise what areas are exempt,, it doesn't have to be a rough area. I live in area thats exempt, modern 5yr old housing estate and people are amazed to find out that properties there are exempt.

Lynzpower, exemption is upto £150,000.

Heth_2

I would advertise the information if I was you. If you say the potential buyers would save 1300 then presumably you are putting it up for sale for 130k. If I was looking at a house that price I would probably make an offer under the stamp duty threshold, because it makes such a big difference. If I knew it was exempt then I'd be happier paying more than 120k.

Gem_

I would agree - it makes a fantastic selling point.

The full list of exempt wards if here http://www.hmrc.gov.uk/so/england.pdf incase anyone is interested. I had no idea so many places were exempt.

G

Filoola_2

Thanks for all your responses, we'll definately advertise the fact that it's stamp duty exempt now!

lynzpower - if you live in hope of finding a stamp duty exempt property, and fancy a move up to Lincoln, feel free to have a look...... http://www.freewebs.com/lupinroad

davilown

Filoola wrote:

Thanks for all your responses, we'll definately advertise the fact that it's stamp duty exempt now!

lynzpower - if you live in hope of finding a stamp duty exempt property, and fancy a move up to Lincoln, feel free to have a look...... http://www.freewebs.com/lupinroad

Nice house - if only I could work there!

:beer: monster

worriedfirsttimebuyer

Thanks for the link to the HMRC website, that list makes very interesting reading doesn't it.
I don't know much about stamp duty - I know houses over £125k qualify for it, but at what percentage and it is only that percentage of the amount over £125k or of the whole amount?