MSE News: Budget 2017: Chancellor to unveil Government spending plans 22 November 2017 at 11:22AM edited 22 November 2017 at 2:49PM in Budgeting & Bank Accounts 21 replies 12.8K views

simond83

I bought my first home in April this year. However, it was a shared ownership property, and i was able to afford 65% of it.

The total price of the property was £295,000, meaning my 65% share was bought for £191,750. On that price, my Stamp Duty cost came to £1,335. Had i opted to pay the entire stamp duty bill for 100% of the property, i would have paid £4750, but am very pleased i didn't take this option!

So, were the value of my property to stay at £295,000 when i come to staircase up to 100%, would i have to pay Stamp Duty on that remaining 35% (£3415), or am i still classed a first time buyer and under the £300K mark, so will i get let off? Can find the answer to this anywhere!

Thanks, Simon