RTB - what price do I use for conveyancing quotes?

jackhulk

Hello

I'm in the process of Right to Buy and looking for conveyancing quotes but what price do I use for quote, the full price of the property, or the actual price I pay with discount?

Also when it comes to stamp duty, is this calculated on the full price of the property or the actual price I pay?

Thank you

strawb_shortcake

Not sure about the first we used the broker affiliated conveyancing company wouldn't recommend this approach.
Stamp duty is based on the price paid,
With interest rates being low, consider fixing for 5 years, remortgaging with a charge on the property incurs both additional time and money.

jackhulk

The conveyancing quote includes stamp duty needed to be paid, so if the stamp duty is based on the price paid, then this would suggest I need to use the actual discounted price paid... but I need to be sure.

Please can someone confirm who is 100% sure, what price do I use for when requesting conveyancing quotes? This makes a big difference in the quote received, so I want to be sure I am using the correct price. Do I use the full price of the property, OR the discounted price I actually pay please?

kingstreet

Discounted purchase price for both.

jackhulk

Brilliant, thank you kingstreet. Does this apply to the actual mortgage application with lender too, or do I use the full price of the property for that please?

I had been using the discounted price for online mortgages quotes to get a general overview of what is available, however now I have a broker he has used the full price of the property. I'm wonder if I use the discounted price for conveyancing/stamp duty, but full price for mortgage if this will cause any issues?