Stamp duty help

katygeorge

Hello.  Im looking at going into a shared ownership property but i cant for the life of me work out stamp duty. 

I owned a house in 2005-2010 have lived in private rent since. So technically a ftb

The mortgage value of the shared ownership is £80k. 

Leasehold

One place i look it says no i wont pay then the next i look it says i will. Im just going round in circles but trying to work out how much i need to save. 

Thankyoh so much 

katygeorge

Just realised my mistake - not a ftb

SDLT_Geek

katygeorge said:

Hello.  Im looking at going into a shared ownership property but i cant for the life of me work out stamp duty. 

I owned a house in 2005-2010 have lived in private rent since. So technically a ftb

The mortgage value of the shared ownership is £80k. 

Leasehold

One place i look it says no i wont pay then the next i look it says i will. Im just going round in circles but trying to work out how much i need to save. 

Thankyoh so much 

Are you buying in England, so that the relevant stamp duty is stamp duty land tax?

Are you buying from an existing lessee, or direct from a social landlord?

What % are you buying and how much are you paying?

katygeorge

Hi. Yes its in the UK
its the housing association selling 

im most likely doing 25% at £70k but im trying to push things to get 40% for £110k

Thankyou

user1977

katygeorge said:

Hi. Yes its in the UK

The question was whether it’s in England - telling us it’s in the UK doesn’t help much!

sheramber

katygeorge said:

Hi. Yes its in the UK
its the housing association selling 

im most likely doing 25% at £70k but im trying to push things to get 40% for £110k

Thankyou

Different parts of the UK have different terms so you need to state England, Scotland, wales or Ireland. 

katygeorge

sheramber said:

katygeorge said:

Hi. Yes its in the UK
its the housing association selling 

im most likely doing 25% at £70k but im trying to push things to get 40% for £110k

Thankyou

Different parts of the UK have different terms so you need to state England, Scotland, wales or Ireland. 

Sorry i didnt realise. 

Yes im in England. 

katygeorge

user1977 said:

katygeorge said:

Hi. Yes its in the UK

The question was whether it’s in England - telling us it’s in the UK doesn’t help much!

Wow your charming. I made a mistake. Very sorry. 

Im trying to do something to help improve my future and its all very new and confusing. I thought this was a place to come for help and support. 

Didnt need to be rude and make me feel stupid 

SDLT_Geek

katygeorge said:

Hi. Yes its in the UK
its the housing association selling 

im most likely doing 25% at £70k but im trying to push things to get 40% for £110k

Thankyou

You have since explained that the property is in England. That means the relevant stamp stamp is stamp duty land tax.

You have a choice. You could elect to pay now on the full market value of the property, so that the SDLT is about £3500. That would mean there is no more SDLT to pay later should you or a successor staircase out beyond 80%.

The alternative is for SDLT to be assessed on the amount you pay now.  On the alternatives you suggest, that would mean there would be no SDLT to pay now (I would need to know the rent, to be sure) but SDLT would be due when you staircase out beyond 80% (possibly more, possibly less).

katygeorge

SDLT_Geek said:

katygeorge said:

Hi. Yes its in the UK
its the housing association selling 

im most likely doing 25% at £70k but im trying to push things to get 40% for £110k

Thankyou

You have since explained that the property is in England. That means the relevant stamp stamp is stamp duty land tax.

You have a choice. You could elect to pay now on the full market value of the property, so that the SDLT is about £3500. That would mean there is no more SDLT to pay later should you or a successor staircase out beyond 80%.

The alternative is for SDLT to be assessed on the amount you pay now.  On the alternatives you suggest, that would mean there would be no SDLT to pay now (I would need to know the rent, to be sure) but SDLT would be due when you staircase out beyond 80% (possibly more, possibly less).

Ok thankyou. Glad to have it confirmed. Thats going to add atleast a year on to my plan sadly. Now to see what impact that that will have on a mortgage as it will make me a year over retirement. 

The calculator on the .gov website said i didnt have to pay any but then every other place ive looked said i will. Why do they make these things so confusing 

SDLT_Geek

katygeorge said:

SDLT_Geek said:

katygeorge said:

Hi. Yes its in the UK
its the housing association selling 

im most likely doing 25% at £70k but im trying to push things to get 40% for £110k

Thankyou

You have since explained that the property is in England. That means the relevant stamp stamp is stamp duty land tax.

You have a choice. You could elect to pay now on the full market value of the property, so that the SDLT is about £3500. That would mean there is no more SDLT to pay later should you or a successor staircase out beyond 80%.

The alternative is for SDLT to be assessed on the amount you pay now.  On the alternatives you suggest, that would mean there would be no SDLT to pay now (I would need to know the rent, to be sure) but SDLT would be due when you staircase out beyond 80% (possibly more, possibly less).

Ok thankyou. Glad to have it confirmed. Thats going to add atleast a year on to my plan sadly. Now to see what impact that that will have on a mortgage as it will make me a year over retirement. 

The calculator on the .gov website said i didnt have to pay any but then every other place ive looked said i will. Why do they make these things so confusing 

Did you read the last paragraph of my post???