SamUK

iTrader: (1)

Had a call from my wife going on about the report...but ofcourse she mad no sense!

I am about to exchange contracts for a house that i am about to buy next week, and will be paying the 1% stamp duty.

I cant seem to get a clear understanding of what changes are being made to the stamp tax for houses under £250k...it says exempt....does this mean no tax if the house is lss then 250k? (first time buyer

Budget 2010 | Deloitte | First time buyer exemption

SamUK

iTrader: (1)

found this in this link

Budget 2010 | Deloitte | Sally Grimwood

However, first time buyers will be pleased that stamp duty has been abolished for two years for house purchases of up to £250k. This will be funded by a new 5% stamp duty rate for property purchases worth more than £1m.


so maybe it is the case....so i will call my solicitor tomorrow

ChrisB

According to a lady on Radio 5 Live tonight, the stamp duty is dropped at midnight tomorrow (25th March) - much to the delight of anyone who completed in the last day or two I expect!

SamUK

iTrader: (1)

So how about this...feels like im talking to myself here!

Stamp Duty is frozen, to stop house prices from falling and to get buyers buying. The more houses people buy the more they work to pay the mortgage...as a result the more they earn the more they get taxed! income tax increased to 50% for some...

They win either way i think...


unless someone differs?

Midlife......

iTrader: (2)

AFAIK it's a move to keep the housing market buoyant.....everyone has to start somewhere and if they make it cheaper by £10K or so to get a foot on the housing ladder then there is a trickledown (or up) so more people move if they are thinking of buying / selling further up the chain.

I've just been raped for £12 k to move last November but if you are a first time buyer and you are completing next week (for less than £250k) then there is no stamp duty to pay.

Shaun

ScoobyWon't

First time buyers get this tax break of not paying stamp duty if they purchase a place under £250k.

If your name has ever been on the land registry, you do not qualify.

I've yet to see full guidance, as I would not qualify as I have my name on a joint mortgage, but not with my missus. She's never been on the registry so she does qualify as a first time buyer.

If we decide to buy a place together, the question is, does she qualify alone, do we both qualify as one of us isn't on there, or do we both not qualify as one of us is on the register?

It may be a simple case of just registering the property in the name of the person who has not appeared on the register. And obviuosly sorting out some sort of agreement with a solicitor.

SamUK

iTrader: (1)

Got a email from my solicitor that i am exempt from the tax... so will use thee £2k odd to go on holiday...

Disco Boy 2

If you buy in joint names, and one of you is not a first time buyer, you will not qualify.

P1Fanatic

Probably an obvious answer like title deed search but how do they determine if your a first time buyer or not?

Simon

pslewis

The land registry lists everyone who has ever owned a property - they know.

You will also have to sign a declaration that you have never, ever, owned a property anywhere in the world ..... not even a houseboat or caravan.

This will be legally enforceable and will carry a criminal conviction (not worth an attempted cheat for a maximum benefit of £2.5k I wouldn't have thought?)