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House hunting/property viewing

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LilCheekyMonkey

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We've bought one! 👏👏👏👏 yeahy!

Now the long and annoying process of packing and getting everything ready to move in the next 28 days! So pleased!
 

Miss-Hallx

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Could anyone explain the complicated scenario of stamp duty to me please? We're in the fortunate position of being able to afford a house in the bracket of up to £160,000. I understand that stamp duty is 2% of the difference between the price of the property and £125,000 and have used the stamp duty calculator...

However, I own a house and do not intend to sell it, my boyfriend on the other hand is a first time buyer and the primary purchaser on the mortgage as his earnings are substantially higher than mine. If I own a home, are we both going to have to pay the penalty of the higher stamp duty rate, due to owning two homes... or because he's a first time buyer and it's the first house we'll own together, are we exempt?

Any help would be greatly appreciated, getting stressed out that we may have to pay a small fortune out!! Xxx
 

Princessstacie

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If your share of the home is worth more than £40,000 then you will still have to pay the higher rate stamp duty. I will double check though just to make sure
 

blossom

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My understanding would be that he'd be a first time buyer and you'd have a second home.

I think the second home tax is payable on the property not per buyer and is currently 3% which at £160,000 would be £4,800

Plus normal 2% stamp duty same as any buyer of a property over £125,000
 

Lauren121

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Isn't stamp duty on everything now no matter the value of the house?
 

Miss-Hallx

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Thank you all for your help, Blossom you're right it is on the property and they don't look at the buyers. We are looking at the £5k mark and so it's a good job I have a slight contingency plan! Thanks again everyone xx
 

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