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Stamp duty and concessionary purchase.
sharrn
Posts: 9 Forumite
Yesterday we a formal mortgage offer from Nationwide. We are purchasing my parents property which has been valued at £350,000. The purchase price is £160,000. Am I right in thinking that we will pay stamp duty on the value and not the purchase price?
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Comments
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You already asked this question on another thread. It appears to have been answered.
https://forums.moneysavingexpert.com/discussion/53026510 -
It's still based on the consideration, the actual money changing hands and not the market value.
Market value would be used for CGT if this wasn't their main residence.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.0
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