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SDLT - Will it Apply?
Ashers92
Posts: 102 Forumite
Good evening,
We had our first meeting with our mortgage broker this afternoon.
We are looking to purchase a shared ownership property and will be making the formal offer very soon (waiting on docs to arrive with us in the post).
The property has a market value of £310,000 and we are looking to purchase 60%, for £186,000.
My question is, as First Time Buyers, are we going to have to pay the £500 SDLT on the £10,000 over the FTB £300k threshold, even though we are only purchasing £186,000. Or will this not apply to us?
Thank you,
Ash
We had our first meeting with our mortgage broker this afternoon.
We are looking to purchase a shared ownership property and will be making the formal offer very soon (waiting on docs to arrive with us in the post).
The property has a market value of £310,000 and we are looking to purchase 60%, for £186,000.
My question is, as First Time Buyers, are we going to have to pay the £500 SDLT on the £10,000 over the FTB £300k threshold, even though we are only purchasing £186,000. Or will this not apply to us?
Thank you,
Ash
#157 - Save £12k in 2016: £12000 / £12000
House deposit saving mode active: £40000 / £40000
House deposit saving mode active: £40000 / £40000
0
Comments
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You are only entitled to first time buyers relief if you elect to pay stamp duty land tax all in one go now on the market value. On these figures this is a no brainer.0
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