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Stamp Duty Calculator and Q&A discussion

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Former_MSE_Dan
Former_MSE_Dan Posts: 1,593 Forumite
Combo Breaker First Post
edited 31 March 2010 at 12:06PM in House buying, renting & selling
This thread is specifically to discuss

Stamp Duty Calculator and Q&A

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Former MSE team member
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Comments

  • tubster
    tubster Posts: 256 Forumite
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    Hi

    The link on the stamp duty calculator doesn't seem to direct to this board
  • tubster
    tubster Posts: 256 Forumite
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    Anyone else just benefited from the change in rules? We have been having a fairly frustrating time buying our first house (taken 6 months from offer, despite no chain!) But in that time the First Direct mortgage rate fell by 0.5 per cent (we had to re-apply to get the new rate, but it was just a matter of them sending out a new form and this saved us £12,000 over the life of the mortgage) then we were due to complete last week and the day I was transferring the funds happened to be the budget day and out of the blue I found that I didn't have to transfer so much - no stamp duty saved us another £2,470.
    So the delays have saved us nearly 15K. If we had completed a week or two earlier I would have been gutted...
  • deefadog
    deefadog Posts: 2,190 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
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    what happens if you part exchange your current home, is it the same? or a loop hole?

    Cheers
  • VIGILANT22
    VIGILANT22 Posts: 2,516 Forumite
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    tubster wrote: »
    Anyone else just benefited from the change in rules? We have been having a fairly frustrating time buying our first house (taken 6 months from offer, despite no chain!) But in that time the First Direct mortgage rate fell by 0.5 per cent (we had to re-apply to get the new rate, but it was just a matter of them sending out a new form and this saved us £12,000 over the life of the mortgage) then we were due to complete last week and the day I was transferring the funds happened to be the budget day and out of the blue I found that I didn't have to transfer so much - no stamp duty saved us another £2,470.
    So the delays have saved us nearly 15K. If we had completed a week or two earlier I would have been gutted...

    So you think the rates are going to say the same as what is printed on yr KFI for the lifetime of the mortgage!!....I don't think you understand......
  • rosyelise
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    does anyone know, if i, as a first time buyer, buy a house, and later on my partner goes onto the mortgage, who is not a first time buyer, will he/i then need to pay stamp duty?
  • mandariny
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    A friend of mine has just told me about a stamp duty loophole whereby you pay 50% of the stamp duty on completion and then hold on to the other 50%. HMRC then have 9 months to claim it, otherwise you keep it. Does anyone know if this is true? I have been searching the internet for even a mention of it but have come up with nothing. It does seem quite unlikely!
    Thanks
  • StampDuty_Avoidance
    StampDuty_Avoidance Posts: 2 Newbie
    edited 27 April 2010 at 11:13AM
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    mandariny In reply to your post, your going to end up paying it that way, It will not work however i do know of a scheme that eliminates Stamp Duty completley
  • cazacarrie
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    :(As usual all politicians missed the point of the question!
    A fair stamp duty system would be like the tax system.The increases should apply in a tapered way to each band as it is hit.The extreme cumulative charges at each band change put pressure on the house prices at those points.
  • Greenstuff_2
    Greenstuff_2 Posts: 225 Forumite
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    mandariny In reply to your post, your going to end up paying it that way, It will not work however i do know of a scheme that eliminates Stamp Duty completley

    I'd be interested to know more please!
    Waddle you do eh?
  • flyingflea
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    I'm a first time buyer in the middle of buying a house. Would I have to complete before 24 March 2012 to save the stamp duty or do I just have to exchange contracts before then?
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