First time buyer/shared ownership/stamp duty!

JellyBean666

Hello

I am hoping for some advice as solicitors are telling me different things.

We are first time buyers and currently in the process of purchasing a £475,000 shared ownership property. 

We are purchasing 42% at £199,500.

The stamp duty is changing on the 1st April to the new threshold of £300,000. 

Because our % is below the threshold, can we opt out of paying the stamp duty as first time buyers? 

DE_612183

I think you pay stamp duty based on the value of the property - not your share.

Your solicitors should know this - how are solicitors telling you different things?

Why have you got two sets of solicitors?

SDLT_Geek

JellyBean666 said:

Hello

I am hoping for some advice as solicitors are telling me different things.

We are first time buyers and currently in the process of purchasing a £475,000 shared ownership property. 

We are purchasing 42% at £199,500.

The stamp duty is changing on the 1st April to the new threshold of £300,000. 

Because our % is below the threshold, can we opt out of paying the stamp duty as first time buyers? 

Is the property you are buying in England, so the relevant stamp duty is stamp duty land tax?

Are you buying direct from a social landlord, taking a new lease?  Or perhaps you are buying from someone else who already has a lease?

Are you expecting to complete before 1 April 2025?  We can help by giving figures on this basis, for now at least?

If you are taking a new lease from a social landlord, have the solicitors told you about the choice you have between:

(a)  Paying SDLT on the whole market value now (so no SDLT would be payable on later staircasing out)
(b)  Paying SDLT now only on the £199,500 (but having more SDLT to pay if the lease is staircased above 80%)?