Disadvantaged Areas Stamp Duty abolished between 125 -150k ?!

Saronn

I just read this on the HMRC site...I've just chosen a house in a disadvantaged area below 150k & now this!!!!


DAR will be abolished for transactions with an effective date on or after 6 April 2013.

:-(
I've only just found about this, soz if its already been covered.

Saronn

Is there anyone out there who can clarify for me if this is true or not?
Also when the stamp duty needs to be paid please?

agrinnall

Why can't you ask your solicitor, who you are paying to know these things?

sammyjammy

If its on HMRC website why wouldn't it be true?

kingstreet

If you are taking out a mortgage, the solicitor will require cleared funds, including the stamp duty, in their account in preparation for completion. They may ask for it before exchange if the completion date is imminent.

If there's no mortgage, you have upto 30 days in which to pay the stamp duty.

JPB123

This has been in place for several years now. You can check on HMRCs website. All you do is enter the postcode for the property.

http://www.hmrc.gov.uk/sdlt/reliefs-exemptions/disadvantaged-areas.htm

I am a Independent Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.

Saronn

agrinnall wrote: »

Why can't you ask your solicitor, who you are paying to know these things?

I have only just chosen the house, we are in the process of finding a solicitor - I thought the whole point of these forums was to ask questions one didn't know the answer to. So maybe you should try and be a little more helpful instead of assuming things?

To the others thanks for the replies, I have only just found out & was a bit shocked & disappointed. It means we'll have to fork out another £1444 if we go ahead with this purchase.

masted75

Saronn wrote: »

I have only just found out & was a bit shocked & disappointed. It means we'll have to fork out another £1444 if we go ahead with this purchase.

I know the feeling. We are purchasing just above the stamp duty threshold specifically because we were told that it would be exempt. Even the govt webpage about it mentioned nothing about it being abolished when I checked a few weeks ago (it does now though). It's annoying that it wasn't brought to our attention as it was apparently decided in last year's budget, so EA's and mortgage advisors should know about it.

Saronn

masted75 wrote: »

I know the feeling. We are purchasing just above the stamp duty threshold specifically because we were told that it would be exempt. Even the govt webpage about it mentioned nothing about it being abolished when I checked a few weeks ago (it does now though). It's annoying that it wasn't brought to our attention as it was apparently decided in last year's budget, so EA's and mortgage advisors should know about it.

I feel your disappointment

moneyistooshorttomention

Some EA's at least do know about this - one of the EA's in area I am moving to has mentioned this to me.

I knew the area I am moving to was eligible for this - being a disadvantaged area. I decided where I was going ages ago and have never factored this into the equation anyway, as I cynically thought "Bet the government abolishes this JUST before I can get helped a bit by it". I wasn't far wrong then....:(..:cool::(