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Autumn Budget Stamp Duty

1246

Comments

  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    K4yl5 wrote: »
    I read the proposed “stamp duty holiday” whereby the majority of first-time buyers don’t pay a penny for one or two years as a delay in the stamp duty payment, rather than there being no charge at all?
    No, it meant no charge for transactions completing during that period.
  • mrginge
    mrginge Posts: 4,843 Forumite
    LazyWhippet wrote: »
    We are buying a house for £465k.

    Lucky you.

    What’s the LTV?
  • LazyWhippet
    LazyWhippet Posts: 42 Forumite
    Fifth Anniversary 10 Posts Name Dropper Combo Breaker
    mrginge wrote: »
    Lucky you.

    What’s the LTV?

    90% - our AIP gave us up to £523k but we didn't quite have the deposit saved up for that much!
  • xsor
    xsor Posts: 90 Forumite
    Third Anniversary 10 Posts Combo Breaker
    edited 9 November 2017 at 4:45PM
    NaughtiusMaximus wrote: »
    How would it work in the case of a joint mortgage where one party is home owner but the other isn't?

    Like the previous poster my GF sold her house in the summer, we're currently renting a property from close family and plan to buy within the next few months. The mortgage for the new property will be joint but I have never been a home owner.

    Not sure if someone answered you yet, but if you are buying a property with someone who owns or used to own - you will not count as a FTB.

    So uhm, you'll have to dump her :P
  • mrginge
    mrginge Posts: 4,843 Forumite
    LazyWhippet wrote: »
    90% - our AIP gave us up to £523k but we didn't quite have the deposit saved up for that much!

    Your case demonstrates perfectly why a blanket exemption for FTBs is an appalling idea.

    Hopefully if the govt really are silly enough to be thinking about this they will cap the relief
  • LazyWhippet
    LazyWhippet Posts: 42 Forumite
    Fifth Anniversary 10 Posts Name Dropper Combo Breaker
    mrginge wrote: »
    Your case demonstrates perfectly why a blanket exemption for FTBs is an appalling idea.

    Hopefully if the govt really are silly enough to be thinking about this they will cap the relief
    I don't agree. I'm being forced out of London to buy a suitable home. If we didn't have the stamp duty to pay, we'd be able to buy where we are currently renting as we'd have a bigger deposit.
  • xsor
    xsor Posts: 90 Forumite
    Third Anniversary 10 Posts Combo Breaker
    edited 9 November 2017 at 5:13PM
    LazyWhippet wrote: »
    I don't agree. I'm being forced out of London to buy a suitable home. If we didn't have the stamp duty to pay, we'd be able to buy where we are currently renting as we'd have a bigger deposit.

    Wait.. you're buying 'out of London' house for 465k?

    New build?

    Edit: I'm 100% sure there are houses in London for that price or less..
  • LazyWhippet
    LazyWhippet Posts: 42 Forumite
    Fifth Anniversary 10 Posts Name Dropper Combo Breaker
    edited 9 November 2017 at 5:15PM
    xsor wrote: »
    Wait.. you're buying 'out of London' house for 465k?

    New build?
    Hertfordshire - not a new build but a 3-bed period house. For the same price in North London where we currently are, we'd be lucky to get a 2 bed flat. Most places are 1 beds or studios.
  • LazyWhippet
    LazyWhippet Posts: 42 Forumite
    Fifth Anniversary 10 Posts Name Dropper Combo Breaker
    xsor wrote: »
    Edit: I'm 100% sure there are houses in London for that price or less..
    Not in the areas we'd like to live.
  • mrginge
    mrginge Posts: 4,843 Forumite
    LazyWhippet wrote: »
    I don't agree. I'm being forced out of London to buy a suitable home. If we didn't have the stamp duty to pay, we'd be able to buy where we are currently renting as we'd have a bigger deposit.

    It is inequitable that the richer you are, the greater the tax cut.

    Opposition parties will have a field day if this came in.
This discussion has been closed.
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