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Stamp Duty Question!
sassybabee33
Posts: 24 Forumite
Can anyone help me understand stamp duty, with regards to shared ownership and your choice home buy,im getting confused!
Is this correct, you do not pay stamp duty on a part own/part rent untill you own 80% share in the house.
What about your choice home buy, as you'll still be only purchaing a percentage, so would this still mean no stamp duty?
Is this correct, you do not pay stamp duty on a part own/part rent untill you own 80% share in the house.
What about your choice home buy, as you'll still be only purchaing a percentage, so would this still mean no stamp duty?
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Comments
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bumping thread up!!!!0
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It's changed recently. When I brought about 15 months ago I could either pay Stamp Duty on the percent you brought or the whole property price. If you paid it only on the percent you brought you wouldn't have to pay stamp duty again till you brought over 80%. I choose to pay on the full market value to start off with as I didn't want to risk the property going over the 3% £250k price by the time i owned over 80%. I'm about to go over 80% and the price has risen over £250k so I did the right thing.Top wins in 2018: Trip to Iceland, helicopter ride over london, couples massage, £300 flight from Pringles, trip to Paris, cocktail making class and afternoon tea up the shard. .
Top wins in 2017:holiday to the Bahamas, trip to Paris, meal with champagne, a week in a manor house in France with £500 spending money.0 -
I don't know how about choice home buy as I have not seen it yet. With ordinary shared ownership this is done by taking a lease for a payment of say 50% of the value and then paying 50% of the rent that would have been payable.
The normal £125K (in certain areas £150K) thresholds for stamp duty (now called SDLT) did not apply when there was a rent over £600 per year so you used to have to pay 1% on say £75K price of a half share - now you don't. As far as I know, certainly when you buy the first share if the price you actually pay is over the threshold you still pay normal SDLT. They have simply abolished the rule that used to mean you paid in some cases when the price was under the threshold.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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