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Stamp Duty Calculator and Q&A discussion

edited 31 March 2010 at 12:06PM in House buying, renting & selling
139 replies 110K views
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Replies

  • I am a first time buyer who has never owned a property wishing to get a joint mortgage with my partner who already owns a house but will let this out on a buy to let mortgage (will not be selling) and live in our new joint property as his main residence. As I have never owned a property would we still have to pay the higher rate of stamp duty, given that he will own two properties but will only live in one? Would we be able to claim back this after purchasing?
  • Hi, I am selling my house (£240k) and my mothers house (£260k)which is in my name and my sisters, the issue I have is we are buying a house for £340k and there may be an amount of time ( a month or two) before mother house is sold, can anyone advise how I stand regarding stamp duty liabilities in this situation?
  • Hi all,

    I currently own a property which I rent out on a BTL mortgage.

    My partner and I are looking at buying a new build which is one of five properties on a small cul-de-sac. The property is yet to be build and will cost £270K.

    The builder would prefer it to be purchased through a self build mortgage so funds are released throughout the build which which obviously assist them. My knowledge of self build mortgages is limited but I don't have any immediate concerns about going down that route.

    However, I am aware I would be looking at paying 8% stamp duty as the property is worth over £250k. IF we buy the plot of land that it's going to be built on first for say £40K does that mean the "property" price will only be £230K and we a lower stamp duty?

    Many thanks for your assistance.
  • Suzie123Suzie123 Forumite
    12 Posts
    Third Anniversary 10 Posts
    Forumite
    Hi All


    What a minefield... I had no idea the SDLT rules would be so complex. I've read all comments here, along with the article regarding married couples who each own a property and I'm still confused.


    My husband and I each own a property as we had them at the time we met. My husband's is now rented out and mine is our main residence and has been for about 5 years. If I sell the main residence and we buy a new one together, while my husband retains his property, are we liable for the increased SDLT? Or are we exempt as we are replacing the main residence? It's so confusing, so any guidance is much appreciated!
  • Suzie123Suzie123 Forumite
    12 Posts
    Third Anniversary 10 Posts
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    ....and the answer is... good news!!
    Thanks for pointing me in the right direction eggha.
  • Spear77Spear77 Forumite
    3 Posts
    We are in the process of buying our housing association property under the council right to buy scheme. The property has been valued above the £125k stamp duty threshold, but the offer price to us, ie, the price we have to pay after the right to buy discount, is below the £125k threshold. Does anyone know if we have to pay stamp duty on the full value of the property or just the amount the housing association are going to charge us for it after the discount? (Because that will be zero stamp duty!) I've searched for this but very difficult to find anything. I'm sure a solicitor/conveyancer will advise but we are not at that stage in the process yet - still working out mortgage's, etc.
  • biaglbiagl Forumite
    1 Post
    Fourth Anniversary
    Newbie
    Suzie123 wrote: »
    Hi All


    What a minefield... I had no idea the SDLT rules would be so complex. I've read all comments here, along with the article regarding married couples who each own a property and I'm still confused.


    My husband and I each own a property as we had them at the time we met. My husband's is now rented out and mine is our main residence and has been for about 5 years. If I sell the main residence and we buy a new one together, while my husband retains his property, are we liable for the increased SDLT? Or are we exempt as we are replacing the main residence? It's so confusing, so any guidance is much appreciated!


    Hi


    Did you get a response to this? My husband and I are in the same situation so will be interested to know the answer.


    thanks


    :)
  • edited 8 May 2017 at 4:49PM
    00ec2500ec25
    9.1K Posts
    edited 8 May 2017 at 4:49PM
    biagl wrote: »
    Hi


    Did you get a response to this? My husband and I are in the same situation so will be interested to know the answer.


    thanks


    :)
    para 3.42 - 3.47 page 14 & 15
    https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/570876/SDLT_Higher_rates_for_additional_properties.pdf
  • Hello I am a first time buyer, and I'm purchasing a shared owenership for 130.000 which is 50 percent. My solicitor has sent me a quote for the full value of stamp duty for 260,000. Am I right in saying that I won't have the pay the full 3,000 duty as I'm only buying half of the property?
  • Pixie5740Pixie5740 Forumite
    14.5K Posts
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Forumite
    Hello I am a first time buyer, and I'm purchasing a shared owenership for 130.000 which is 50 percent. My solicitor has sent me a quote for the full value of stamp duty for 260,000. Am I right in saying that I won't have the pay the full 3,000 duty as I'm only buying half of the property?

    That depends on how you opt to pay the SDLT. You can use Market Value Election or Pay in Stages as you Staircase.

    https://www.gov.uk/guidance/sdlt-shared-ownership-property
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