Budget 2010: Stamp duty threshold raised to £250,000 for first time buyers

edited 24 March 2010 at 1:55PM in Mortgages & Endowments
60 replies 8.3K views
Former_MSE_RoseFormer_MSE_Rose Former MSE
128 Posts
edited 24 March 2010 at 1:55PM in Mortgages & Endowments
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  • edited 24 March 2010 at 2:17PM
    Cannon_FodderCannon_Fodder Forumite
    4K Posts
    edited 24 March 2010 at 2:17PM
    They need to define FTB clearly.

    Whether 1 of a couple being FTB, the other not, etc will qualify.

    And the dates spelt out.
  • I'm very confused by this. How on earth are they going to police it? And as cannon fodder points out, what is the definition of a FTB?
    Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.
  • purcelpurcel Forumite
    1.5K Posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Brilliant news, I am so glad! More money left for decorating
  • Hi to all,

    My wife and I are FTB and we've had a £155k offer accepted on a house, solicitors checks are in place and mortgage offered. We haven't got a completion date yet, and haven't signed any contracts (other than to tell the solicitor to proceed with said checks).

    Does this mean that we are exempt from Stamp Duty?

    Lewis
  • Senior_Paper_MonitorSenior_Paper_Monitor Forumite
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    My understanding at this stage is that it is solely on sale value (the reference to 'ftb' is political dressing).

    Since it applies from midnight it would be impossible to set up any policing structure to select FTBs.

    The impact of the increase above £1,000,000 also has a number of interesting implications.

    Bit of a buggah if you have a £1,000,050 completion scheduled for Friday !!!
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  • Wait for your solicitor to get all the criteria. Until he sits down, much information is withheld...
  • We are due to move next week, contracts concluded, with sellers paying the stamp duty as the terms. Technically, we are paying them the house price minus the stamp duty which we then pay. Will be interesting how this will pan out, as the price we offered was higher only due to the stamp duty term agreed.
  • sherbie28sherbie28 Forumite
    632 Posts
    My sister and her husband bought their house only a month ago (first time buyers) and had to pay stamp duty, is there any way they could claim back. It seems really unfair that they have just lost out.
  • Squish_21Squish_21 Forumite
    676 Posts
    I'd like them to define a a FTB.

    Im sure many are wondering whether it is worth selling then moving in with family/renting, then buying a place, purely to avoid stamp duty.
    Squish
  • What will this mean for me - my wife is a first time buyer, and we are meant to exchange contracts today and complete in 2 weeks time. Is midnight tonight relevant for exchanging contacts or completeing. I need to know as this could save me a couple of grand.

    Cheers

    Fraser
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