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Shared ownership stamp duty
Simba-ali34
Posts: 228 Forumite
Hello,
Just confused over a certain issue, if I buy a 30% share on a property worth £360,000 I have an option to pay stamp duty (£8000) outright on full market value or not pay any on the initial share but when I staircase I would then have to pay it. I have 2 questions
1. If I never staircased and just kept my 30% would I have to pay stamp duty if I then sell my 30% further down the Line.
2. What happens if I cannot afford the stamp duty to sell my share? Can it be deducted after the sale goes through?
Cheers
Just confused over a certain issue, if I buy a 30% share on a property worth £360,000 I have an option to pay stamp duty (£8000) outright on full market value or not pay any on the initial share but when I staircase I would then have to pay it. I have 2 questions
1. If I never staircased and just kept my 30% would I have to pay stamp duty if I then sell my 30% further down the Line.
2. What happens if I cannot afford the stamp duty to sell my share? Can it be deducted after the sale goes through?
Cheers
0
Comments
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Stamp duty is paid on a purchase, not a sale.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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In simple terms I do not know if I will buy more shares, I am a first time buyer whose only real option is a shared ownership. I'm buying 30% and just didn't want to be stuck if I ever needed sell. I could buy more but cannot guarantee I will. I don't wanna be stuck oweing stamp duty if I needed to sell.0
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Do you only pay on 80% ownership? sorry I am a newbie to all of this. Thank you for your advice I really appreciate it.0
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