Stamp duty on shared ownership

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% (or 70% plus), 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't find the answer to this anywhere!

Thanks, Simon

haras_nosirrah

I am afraid you will not be classed as a ftb and will have to pay stamp duty again if you go over 80% ownership

simond83

Thanks Sarah.

Is this written down anywhere? I googled for weeks, but haven't been able to find official confirmation. Any pointers would be great!

Simon