stamp duty

bikeman17

Quick question, if a.house cost 275k and i have a.deposit of 30k, , do i pay stamp duty based on 275k or 245k , please can anyone confirm...

Thanks

mrginge

You pay it on 275k

bikeman17

Thanks for the confirmation, my friends solicitor is adamant that the fee is based on the lower fee. Do you have a link to confirm the duty fee is based on the house price rather than the amount after deposit?

noh

bikeman17 wrote: »

Thanks for the confirmation, my friends solicitor is adamant that the fee is based on the lower fee. Do you have a link to confirm the duty fee is based on the house price rather than the amount after deposit?

http://www.hmrc.gov.uk/sdlt/rates-tables.htm

southernscouser

bikeman17 wrote: »

Thanks for the confirmation, my friends solicitor is adamant that the fee is based on the lower fee. Do you have a link to confirm the duty fee is based on the house price rather than the amount after deposit?

Make sure you don't use your friends solicitor then. :eek:

GMS

Personally I would be looking for a new solicitor if I was your friend. If they don't know how to calculate stamp duty then I would be worried for everything else.

McKneff

southernscouser wrote: »

Make sure you don't use your friends solicitor then. :eek:

I was just thinking the same thing myself.

Wow, some solicitor, I would inform your friend too.

Thrugelmir

Or take advice from the friend.

bikeman17

Thanks everyone for the confirmation, advice taken on board.

dimbo61

Question 1 Why are you buying at £275K and paying nearly £10,000 in stamp duty.
Question 2 You have only just got a 10% deposit so hope you have another
£15,000 to cover the stamp duty, legals, mortgage fees, searches etc
I would be looking to pay no more than £250K and save up a 15% deposit