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Stamp duty question
hassony77
Posts: 50 Forumite
Question regarding stamp duty
In the case of a gift transfer of a house (value of the house around,£700k, outstanding mortgage around £250k) , am I right that under this temporary rule, the stamp duty would be 3% of the outstanding mortgage, so around £7.5k?
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Comments
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If you are buying the house for £250k the stamp duty would be 0 if it was to be your only property, or 7.5k if it was an additional property.1
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Thanks, but would that be calculated based on the presumed value of the property or the outstanding loan (in the case of a gift)SpiderLegs said:If you are buying the house for £250k the stamp duty would be 0 if it was to be your only property, or 7.5k if it was an additional property.0 -
It is calculated on what you pay for the property1
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I complete next week on a house which was on the market at £250k,
I got offer accepted at £215k and own another house. My stamp duty cost now is £6450 and not £8250 if that helps.0
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