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Stamp duty on shared ownership property
Betty_Boo_22
Posts: 1 Newbie
Hi
Please can someone advise me?
I was trying to establish whether I will need to pay stamp duty or not by buying the second half of my property.
I first bought a 50% equity of a housing association property for £27,000 in 1999. The original value of the house was £54,000 back then. I didn't pay any stamp duty at this stage. I'm now about to staircase to 100% and will be paying £78,000 for the second 50% share. The property is now valued at £156000.
Please could someone advise me if I need to pay stamp duty? Is it based on the total amount paid - £105,000 or on the current market value £156,000?
Thanks
Please can someone advise me?
I was trying to establish whether I will need to pay stamp duty or not by buying the second half of my property.
I first bought a 50% equity of a housing association property for £27,000 in 1999. The original value of the house was £54,000 back then. I didn't pay any stamp duty at this stage. I'm now about to staircase to 100% and will be paying £78,000 for the second 50% share. The property is now valued at £156000.
Please could someone advise me if I need to pay stamp duty? Is it based on the total amount paid - £105,000 or on the current market value £156,000?
Thanks
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