House hunting/property viewing

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