Stamp Duty Calculator and Q&A discussion 31 March 2010 at 10:12AM edited 31 March 2010 at 12:06PM in House buying, renting & selling 139 replies 110K views

00ec25

erki wrote: »

So, i have completed, but not paid stamp duty yet. My main query is, in order for me to pay the new stamp duty, does the completion date have to be after 22nd Nov, or do I simply have to be paying the stamp duty after the 22nd?

why are you repeating a question that has already been answered?

you have to pay within 30 days of 14th Nov, ie you have until 13th Dec to pay up

why is your solicitor not advising you on this issue or doing the SDLT return for you? The solicitor is required by the council of mortgage lenders to have the SDLT funds available in his clients account by the date of completion so he can then pay it on your behalf and thus discharge his liability to the mortgage company for ensuring it has been paid. It seems strange that you are asking such questions yourself when the info is easily found online:

https://www.gov.uk/guidance/stamp-duty-land-tax-online-returns

Rsmith1987

Hi there

So I will be a first time buyer. If I am purchasing through a shared ownership scheme, is the stamp duty calculated on my owned percentage or the full property value? If I am looking at a 50% ownership of a £350K house then will I be paying £2500 or £0? Obviously it makes a big difference.

Sorry if this has already been mentioned but I cannot find it.

Many thanks in advance!

AnotherJoe

See post 41

SDLT_Geek

Rsmith1987 wrote: »

Hi there

So I will be a first time buyer. If I am purchasing through a shared ownership scheme, is the stamp duty calculated on my owned percentage or the full property value? If I am looking at a 50% ownership of a £350K house then will I be paying £2500 or £0? Obviously it makes a big difference.

In the case of a shared ownership lease, first time buyers' relief is only available if you elect to pay SDLT on the market value.

Ed-1

Is there any problem with someone who doesn't own a home currently buying a property and paying no stamp duty (as the purchase is below the threshold) and then gifting that property to someone who already owns a home so as to avoid the person who already owns the home paying the higher rate of stamp duty?

Or for example instead of a couple purchasing a property jointly as one already owns a house and so the transaction would be liable for the 2nd home stamp duty rate, could the non homeowner purchase it and then gift half of it to the other?

Magdalene888

Hi,

I bought my first house 2.5 years ago with my friend for 220000. I now have a mortgage of 123500 and my friend wants to leave this arrangement to buy his own place. We have agreed that I will pay him 64000, and we will do a transfer of equity.
Does anyone know if I still count as a first time buyer? Or does a transfer of equity mean that I am effectively buying again (although it’s still the same house that’s just getting transferred to me)?

Am I liable for stamp duty on anything over 125000?

Also, if the value of the house has now gone up, does that mean that we have more equity in it?

Thank you!

SDLT_Geek

You will not count as a first time buyer. SDLT will be due, calculated on the sum you pay and on half of the mortgage debt (if you own in half shares).

Magdalene888

Thanks!

But how do they get away with charging Stamp Duty twice on the same house to the same person?

sheramber

Magdalene888 wrote: »

Thanks!

But how do they get away with charging Stamp Duty twice on the same house to the same person?

You originally only bought part of the house.
Your friend owned the other part.
Now you are buying the part you do not own.
.

Benzene

This is a query in regards to my dad willing to invest in the UK. He is based in Qatar and renting. He does not own any property in the world. He is not a UK citizen nor resident in the UK. He is citizen of Pakistan. He is willing to buy a property in the UK on cash for BTL (Buy to Let) purposes. Would he be paying SDLT as he is a genuine first time buyer?