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What fees are involved in a concessionary purchase?

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Comments

  • kingstreet
    kingstreet Posts: 39,450 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Come on we need a few more people to say something on here!
    ... only if they get it right! ;):D
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • ideal_knowledge001
    ideal_knowledge001 Posts: 75 Forumite
    kingstreet wrote: »
    ... only if they get it right! ;):D

    Yes thank you for mentioning that :p, even the link you gave is all confused :eek:
  • kingstreet
    kingstreet Posts: 39,450 Forumite
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    Read Richard Webster's post. He's a solicitor and the solicitor is the tax-collector for HMRC.

    Like I said, I thought it was the other way round and I hate being wrong, but I was!
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • ideal_knowledge001
    ideal_knowledge001 Posts: 75 Forumite
    Kingstreet is correct I just called up HMRC's SDLT department. I explained my situation and the lady said stamp duty is only paid on the mortgage amount. No Stamp Duty is paid on the gifted equity.....RESULT! :D

    However if it is not a concessionary purchase then you would pay the stamp duty on the property value.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Just checked with our Solicitor and it is not often but officially I am wrong. Apologies Kingstreet..

    It is definitely the lower amount, sorry
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ideal_knowledge001
    ideal_knowledge001 Posts: 75 Forumite
    Dave_Ham wrote: »
    It is definitely the lower amount, sorry

    I got a smile on my face right now, looks like I can afford an extra holiday :rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl::rotfl:
  • kingstreet
    kingstreet Posts: 39,450 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The word needed here is "the consideration," the actual amount changing hands, not any notional value.

    It is the consideration on which SDLT is calculated.

    I thank yow! ;)
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • kingstreet
    kingstreet Posts: 39,450 Forumite
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    ideal_knowledge001 wrote: »
    I got a smile on my face right now, looks like I can afford an extra holiday
    In that case you should pay the extra bloody tax! :A

    We're all in this together you know. :D
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • ideal_knowledge001
    ideal_knowledge001 Posts: 75 Forumite
    kingstreet wrote: »
    In that case you should pay the extra bloody tax! :A

    We're all in this together you know. :D

    Well if you were called Queenstreet I would've taken you with me :A
  • kingstreet
    kingstreet Posts: 39,450 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Hey! Be'ave you! ;)
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
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