Shared ownership stamp duty calculation

lukecooper

Hi all,

I wonder if I could ask for some advice regarding stamp duty on my shared ownership property. I've read many threads regarding this, and I'm pretty sure I've got this right, but I'm receiving different advice from a conveyancing solicitor.

I purchased 40% of a £230,000 house in 2013, and evidently I elected to pay SDLT in stages, so paid nothing at that point as my purchase price was £92,000.

My fiance and I are looking to staircase to 100%, with a current valuation of £320,000, so a further 60% which equals £192,000. This gives a total amount paid of £284,000.

The SDLT on the standard calculation would work out as £4,200. I understand that the calculation should be the current transaction divided by the total paid, which makes 0.676. This is then used as a multiplier on the standard SDLT payment, so £4,200 x 0.676, making SDLT due £2839.44.

Is this correct? The solicitor says SDLT due is £6,000... this would be correct if we were buying a property worth £320,000- but we aren't.

Am I right or is the solicitor right?

Thanks in advance!

booksurr

if it is a genuine solicitor then report him to HMRC as being incompetent and (probably) illiterate since they apparently cannot read: https://www.gov.uk/guidance/sdlt-shared-ownership-property

your calculation is correct

lukecooper

Thanks booksurr, most helpful. I'm glad it's the figure I thought it was...
Will be appointing a different solicitor I think!