Stamp Duty

Rather surprised - and rather disgusted I must add that our youngest has been told he must pay 2% Stamp Duty on his new home when it's completed.

They struggled to get a deposit then struggled even more to get a Mortgage - bankers are absolute shits in my opinion.

Anyway, I probably read it all wrong but I honestly thought that David Cameron's Government were committed to helping young families were they not?

How does slapping a £2,800 bill on our youngest actually "help" them? stevmk2

Re: Stamp Duty

When i move i won't be paying stamp duty as you only have to pay on any house that exceeds £125,000. I don't intend to buy a house of that price as i'm about to go mortgage free and hope to buy something a lot cheaper to fall in line with my pay off!

Re: Stamp Duty

Are you sure Steve, stamp duty is 1% on hiuses up to 250,000 so how much is the house he is buying, surely not a starter home if it costing that much in duty?

Re: Stamp Duty

1% is what we were told when it comes to buying , too

Re: Stamp Duty

Although it has been around for donkey's years, stamp duty changed last December, I believe. But actually it has not increased on properties up to £250,000. It used to be 1% on the whole property value up to £250,000 and 3% on the whole property value if over £250,000. Now it is 0% on the first £125,000 and 2% on the next £125,000 (so exactly the same as previously) and 5% on the remainder if the property is over £250,000. So in some cases it has actually come down.

On, say, a £260,000 house under the old terms the stamp duty would be £7800. Under the new terms it would be £3000 (£2500 + 500).

I'd say your son has been lucky to save on stamp duty.

Re: Stamp Duty

Must be difficult to find a place below £125,000 to save on the stamp duty

Re: Stamp Duty

Come up north Patsy, we have an abundance of houses that are much cheaper than down south.
Maybe that's why we have had an influx of southerners of late...

Re: Stamp Duty

I wouldn't mind at all - twood feel reet at 'ome there

Re: Stamp Duty

And I can see you speak the lingo Patsy

Stamp duty on house purchase has been applied since at least 1970 maybe even before that.

Currently lowest for first time buyers and increasing sharply above £250K as someone explained above.

Re: Stamp Duty

Yep - its a reet mixture ain't it - I should do well up North