STAMP DUTY QUESTION

Wheeliebug

Hi there my partner and I are currently renting and we both have bought property in the past, we are not married and want to buy a house outright from our savings instead of renting, what stamp duty would we have to pay on a property around £145000 please?

Pixie5740

Wheeliebug said:

Hi there my partner and I are currently renting and we both have bought property in the past, we are not married and want to buy a house outright from our savings instead of renting, what stamp duty would we have to pay on a property around £145000 please?

How many properties do you and/or your partner currently own? Which country are you wanting to buy in as property purchases in Scotland are subject to LBTT, in Wales it’s LTT and England and Northern Ireland it’s SDLT? 

grumiofoundation

Assuming stamp duty (as above different in Wales/scotland) you can use this calculator: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

If this would be the only home either of you own - would be £400 for a £145,000 property.

Wheeliebug

We do not own any properties at the moment we want to buy a property in Lancashire where we currently rent
I tried using the online calculator but was confused as it asked are you married or in a civil partnership, we are not married but we have lived together for years 
When I filled it out it said stamp would be  around £4500 which would take a big chunk off the house price that we could afford, maybe I filled it in wrong? 

Doozergirl

Wheeliebug said:

We do not own any properties at the moment we want to buy a property in Lancashire where we currently rent
I tried using the online calculator but was confused as it asked are you married or in a civil partnership, we are not married but we have lived together for years 
When I filled it out it said stamp would be  around £4500 which would take a big chunk off the house price that we could afford, maybe I filled it in wrong? 

It sounds like you ticked the box asking you if you own other property.

Do it again and read the questions carefully.  

MaryNB

Wheeliebug said:

We do not own any properties at the moment we want to buy a property in Lancashire where we currently rent
I tried using the online calculator but was confused as it asked are you married or in a civil partnership, we are not married but we have lived together for years 
When I filled it out it said stamp would be  around £4500 which would take a big chunk off the house price that we could afford, maybe I filled it in wrong? 

It's not worded very well but it's differentiating between you making a personal purchase or through a trust or company. It not asking about the nature of the relationship with your partner. 

grumiofoundation

Wheeliebug said:

We do not own any properties at the moment we want to buy a property in Lancashire where we currently rent
I tried using the online calculator but was confused as it asked are you married or in a civil partnership, we are not married but we have lived together for years 
When I filled it out it said stamp would be  around £4500 which would take a big chunk off the house price that we could afford, maybe I filled it in wrong? 

As said above fill it in again.

If you get the same result post the answers you gave to each question and someone will correct/confirm for you. 

Wheeliebug

OK I ticked yes to the part about being married even though we are not and the stamp duty was £400

user1977

The question causing confusion (I suspect) is:

"Are you purchasing the property as an individual?

Choose ‘Yes’ if you’re buying on your own, or you’re married or in a civil partnership. Choose ‘No’ if you’re a company or trust."

The answer is still "yes" if you're two individuals - you're obviously not a company or a trust.

Wheeliebug

Thanks Guys!