Stamp Duty - Budget 2010

Patr100

But how detailed is the land registry? If a John Smith bought a house in 1980 how do they know in 2010 it's the same John Smith at a different address - now possibly renting?
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wardinho

When is stamp duty applied? I assume that if A ftb has not transferred any funds to pay for a house, stamp duty will not be applied from midnight? It is applied when money actually moves?

dacops

Does anyone know if the new stamp duty ruling is with immidiate affect?
My partner and I had an offer of a house accepted at the weekend and recieved a solicitors quotation yesterday. This obviously included a £2100 stamp duty. By the time we come to completion in say,10 weeks, will this have been removed?

We are first time buyers. Any help would be appreciated.

Thanks

f_baconite83

Does anyone know when the 250k level will kick in?
I'm buying a house this week and am really hoping it kicks in straight away.

Mum_of_3_3

On The Guardian website http://www.guardian.co.uk/uk/2010/mar/24/budget-2010-key-points

Looks like everyone under £250k gets to pay 0% as of midnight tonight :beer:

M_o_3

Patr100

Mum_of_3 wrote: »

On The Guardian website http://www.guardian.co.uk/uk/2010/mar/24/budget-2010-key-points

Looks like everyone under £250k gets to pay 0% as of midnight tonight :beer:

M_o_3

NOT EVERYONE. First time buyers only,

TOBRUK

Listening to Darling at the moment and I'm sure he said it will start from midnight tonight. My house is on sale and asking price is just under 130,000 so hoping that I get an offer over 125,000 now!

Mum_of_3_3

Patr100 wrote: »

NOT EVERYONE. First time buyers only,

Just looked at another part of the Guardian website & noticed this

Big fat pants is all that I can say (well it is on apublic forum anyway )

M_o_3

princessamy86

I really don't see how they can apply this to just FTBs. There won't be a structure in place to police it if it's going to apply from midnight tonight, so I'm inclined to go with the Guardian's view on things that it will apply to all properties under the threshold. Maybe the FTB thing was just to point out who it would be of most benefit to? Great for FTBs in the South obviously, but realistically here up north, £250k is going to buy you a 4 or 5 bed detached on a modern estate, or maybe a 3 bed older house with a big garden. Sigh, I've confused myself!

f_baconite83

Article from the Estates Gazette.........

Chancellor Alistair Darling has doubled the threshold for stamp duty for first-time buyers to £250,000 in today's Budget.

Darling said the change, to be funded by an increased 5% rate for properties worth more than £1m, would provide a boost to the housing market and would ease the burden for first time buyers currently struggling to raise the credit.

Under current rules, stamp duty is payable on any deals on properties over £125,000, beginning at 1% and rising to 4% for more expensive properties.

Darling said the change would come into effect from midnight tonight and last for two years.