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    • tubster
    • By tubster 31st Mar 10, 10:28 AM
    • 250 Posts
    • 146 Thanks
    tubster
    • #2
    • 31st Mar 10, 10:28 AM
    • #2
    • 31st Mar 10, 10:28 AM
    Hi

    The link on the stamp duty calculator doesn't seem to direct to this board
    • tubster
    • By tubster 31st Mar 10, 10:34 AM
    • 250 Posts
    • 146 Thanks
    tubster
    • #3
    • 31st Mar 10, 10:34 AM
    • #3
    • 31st Mar 10, 10:34 AM
    Anyone else just benefited from the change in rules? We have been having a fairly frustrating time buying our first house (taken 6 months from offer, despite no chain!) But in that time the First Direct mortgage rate fell by 0.5 per cent (we had to re-apply to get the new rate, but it was just a matter of them sending out a new form and this saved us 12,000 over the life of the mortgage) then we were due to complete last week and the day I was transferring the funds happened to be the budget day and out of the blue I found that I didn't have to transfer so much - no stamp duty saved us another 2,470.
    So the delays have saved us nearly 15K. If we had completed a week or two earlier I would have been gutted...
    • deefadog
    • By deefadog 31st Mar 10, 5:39 PM
    • 2,145 Posts
    • 619 Thanks
    deefadog
    • #4
    • 31st Mar 10, 5:39 PM
    • #4
    • 31st Mar 10, 5:39 PM
    what happens if you part exchange your current home, is it the same? or a loop hole?

    Cheers

  • VIGILANT22
    • #5
    • 31st Mar 10, 5:42 PM
    • #5
    • 31st Mar 10, 5:42 PM
    Anyone else just benefited from the change in rules? We have been having a fairly frustrating time buying our first house (taken 6 months from offer, despite no chain!) But in that time the First Direct mortgage rate fell by 0.5 per cent (we had to re-apply to get the new rate, but it was just a matter of them sending out a new form and this saved us 12,000 over the life of the mortgage) then we were due to complete last week and the day I was transferring the funds happened to be the budget day and out of the blue I found that I didn't have to transfer so much - no stamp duty saved us another 2,470.
    So the delays have saved us nearly 15K. If we had completed a week or two earlier I would have been gutted...
    Originally posted by tubster
    So you think the rates are going to say the same as what is printed on yr KFI for the lifetime of the mortgage!!....I don't think you understand......
  • rosyelise
    • #6
    • 6th Apr 10, 7:54 PM
    stamp duty
    • #6
    • 6th Apr 10, 7:54 PM
    does anyone know, if i, as a first time buyer, buy a house, and later on my partner goes onto the mortgage, who is not a first time buyer, will he/i then need to pay stamp duty?
  • mandariny
    • #7
    • 25th Apr 10, 8:35 AM
    Stamp duty loophole
    • #7
    • 25th Apr 10, 8:35 AM
    A friend of mine has just told me about a stamp duty loophole whereby you pay 50% of the stamp duty on completion and then hold on to the other 50%. HMRC then have 9 months to claim it, otherwise you keep it. Does anyone know if this is true? I have been searching the internet for even a mention of it but have come up with nothing. It does seem quite unlikely!
    Thanks
  • StampDuty Avoidance
    • #8
    • 27th Apr 10, 11:12 AM
    • #8
    • 27th Apr 10, 11:12 AM
    mandariny In reply to your post, your going to end up paying it that way, It will not work however i do know of a scheme that eliminates Stamp Duty completley
    Last edited by StampDuty Avoidance; 27-04-2010 at 11:13 AM. Reason: spelling mistake
  • cazacarrie
    • #9
    • 28th Apr 10, 8:30 PM
    Unfair system!
    • #9
    • 28th Apr 10, 8:30 PM
    As usual all politicians missed the point of the question!
    A fair stamp duty system would be like the tax system.The increases should apply in a tapered way to each band as it is hit.The extreme cumulative charges at each band change put pressure on the house prices at those points.
  • Greenstuff
    mandariny In reply to your post, your going to end up paying it that way, It will not work however i do know of a scheme that eliminates Stamp Duty completley
    Originally posted by StampDuty Avoidance
    I'd be interested to know more please!
    • flyingflea
    • By flyingflea 25th Jan 12, 10:50 PM
    • 176 Posts
    • 154 Thanks
    flyingflea
    I'm a first time buyer in the middle of buying a house. Would I have to complete before 24 March 2012 to save the stamp duty or do I just have to exchange contracts before then?
    • sirmosh
    • By sirmosh 26th Jan 12, 12:07 AM
    • 696 Posts
    • 6,726 Thanks
    sirmosh
    I'm a first time buyer in the middle of buying a house. Would I have to complete before 24 March 2012 to save the stamp duty or do I just have to exchange contracts before then?
    Originally posted by flyingflea
    You will need to complete.
  • Collection
    Hi

    My parents added my name to their property's title deed.
    Does this disqualify me from being a "first time buyer" ?

    thanks
    • sirmosh
    • By sirmosh 3rd Feb 12, 9:09 PM
    • 696 Posts
    • 6,726 Thanks
    sirmosh
    Hi

    My parents added my name to their property's title deed.
    Does this disqualify me from being a "first time buyer" ?

    thanks
    Originally posted by Collection
    For the purposes of being exempt from stamp duty on a property purchase under 250,000 yes. Mind you, it's pretty much too late to make use of that if you haven't already started the process anyway.
    • Mobeer
    • By Mobeer 3rd Feb 12, 9:30 PM
    • 1,793 Posts
    • 4,443 Thanks
    Mobeer
    If I click on the ? next to first time buyer in Internet Explorer 9, or Firefox 3.6, I get a popup box that is completely blank except for an X buton. Click on the X button and the popup box is filled with text, then closes before the text can be read.

    edit:
    plus the text at the end about "Is it the same all across the UK?" could do with mentioning disadvantaged areas for which the answer given is wrong
    Last edited by Mobeer; 03-02-2012 at 9:32 PM.
  • Chopgate007
    Stamp Duty - Remortgage and equity transfer.
    Just let me run this past you and see what you think.... It is to do with the Stamp Duty and the Fees associated with the forms etc.

    Threshold is 125,000 as you know.

    From what I understand the "consideration" is worked out on the EXISTING mortgage, which today stands at around 210,500
    My Ex wants 45,000 out of the place.

    So from what I see there are 2 options...

    Option 1.
    Leave the mortgage as it is, so the consideration is 210,500/2 plus the 45,000 that I will provide to my ex. making the considertion 150,250.
    I have to pay stamp duty at 1% of that, namely 1,503, plus the 90 fee for forms, so I pay 1,593
    The approved mortgage from the new lender is 213,000, plus 750 buffer, so thats 213,750
    The new lender pays the old lender 210,500 leaving a surplus of 3250 payable to me. (to help towards the fees!)


    Option 2.
    Use the 45,000 I have, (plus a bit more) to pay off say 51,000 from the old mortgage so the outstanding on the mortgage would be 210,500 - 51,000 leaving 159,500 outstanding.
    So the consideration is then 159,500/2 plus the 45,000 that I will provide to my ex. making the considertion 124,750, i.e. below the threshold, saving me the Stamp Duty and fee of 1,593.
    The approved new mortgage is 213,000, plus 750 buffer, so thats 213,750, as before
    New lender pays old lender 159,500 leaving a surplus of 54,250 payable, 45,000 to my ex and 9,250 to me.
    The net result is it saves me 1,593, and believe me I need it!

    The old mortgage allows for lump sums to be paid off so no penalties there. Can it be as easy as that? I'm not breaking any rules, regulations or laws here am I?

    Thats if I can raise the 51,000 of course!
  • chestertonb
    Hi there

    I'm buying 40% (70k) of a new part buy property worth 175k. As per the rules I am a FTB. I understand I've missed the stamp duty window as we couldnt complete in time but I hope to complete in the next 2 weeks.

    Can anyone advise what my liability is likely to be? I've read so much confusing and contradictory information.

    It's a leasehold property and the lease is 99 years.
    Last edited by chestertonb; 19-04-2012 at 2:03 PM.
  • Jane twohig
    I have today received a letter from a claims company telling me that My property is in a area which is entitled to disadvantage area relief for stamp duty land tax. Also saying that the stamp duty land tax should not have been payable when I purchased the property if the sale took place after 1st December 2003. I purchased the house in 2010? Is this true as I've never heard of anything like this before?
    • Bazofts Revenge
    • By Bazofts Revenge 16th Aug 12, 5:59 PM
    • 295 Posts
    • 151 Thanks
    Bazofts Revenge
    I have today received a letter from a claims company telling me that My property is in a area which is entitled to disadvantage area relief for stamp duty land tax. Also saying that the stamp duty land tax should not have been payable when I purchased the property if the sale took place after 1st December 2003. I purchased the house in 2010? Is this true as I've never heard of anything like this before?
    Originally posted by Jane twohig
    I too got one of those letters. As I had successfully got my previous home Council Tax Band lowered and got over a 1200 back I figured if I was entitled to my Stamp duty back I would give it a go.

    First port of call was HMRC's web site, a quick search for disadvantaged area relief brought up the relevant page. All I had to do was enter my Postcode and it confirmed I lived in such an area.

    My next task was to write a letter to the solicitor that carried out the house purchase pointing out the errors they had made and that they should have known about such schemes.

    I received a letter back a week or so later and they handled everything else. Approximately 1 month later HMRC have written to me saying I will be receiving a cheque for 1360 + interest.

    Note there is a 2 year period in which you can submit the claim to HMRC. I scraped in with 1 month to go but even if I had been too late to claim from them I would have taken it up with the Solicitor as it was there fault.
    • Bazofts Revenge
    • By Bazofts Revenge 29th Aug 12, 1:37 PM
    • 295 Posts
    • 151 Thanks
    Bazofts Revenge
    I am pleased to say I have now received a cheque from HMRC for the Stampduty I paid plus interest.
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