Stamp duty and staircasing

[Isohungy]

My brain is frazzled.

www.gov.uk/guidance/sdlt-shared-ownership-property#paying-sdlt-in-stages-and-buying-further-shares

Using the info on above link, can anyone confirm what I should expect to pay?

Currently own 50%. When bought, whole house value was 195k

Buying the remaining 50%, I expect the value to be 210k, max 220. Survey isn't finished yet so unsure but want to be prepared for the cost.

Did you pay SDLT on the whole value or just the 50% when you bought?

We've paid no stamp duty so far (i believe as it was under threshold at 97,500 and ftb)

Thank you for responding!

Oh and look up first time buyers relief. If all property owners are genuine first time buyers, no SDLT would be due. If not, you'd pay SDLT on the current full property value.

Just my husband and I, and neither of us owned a property prior to buying our share in this one, it seems to me that it would be unfair to not class us as FTB just because we bought in 2 "stages"

Will google further

So if you purchased after 22nd November 2017 you can claim a stamp duty refund as a ftb. If you can't, or buying more would take you over the 300000 ftb threshold then you may have to pay stamp duty on the transaction if you would then own over 80% of the property. If you will own less than 80% then no stamp duty is due yet. Once you're over 80% they add up the total you have paid in stages and apply stamp duty to that. There are examples on the gov website and your solicitor should be able to advise.

Hi loopy. We bought in late 2016, sadly.

We own 50%now (195k whole price at time of purchase)

And hope to buy final 50% in next few months. I anticipate the total house value to be 210-220k now

So SD on say 105/110k? Is that what I'm expecting?

Yes expect to pay 2% on the value over 125000. So you're looking at around £1700-1900 If it's worth £210000-220000

More accurately, if you bought 50% with a total value of £195000, so for £97500, and then buy 50% at total value £220000, so for £110000,total purchase is £207500. £207500- lower threshold is £82000. So 2% of £82000 = £1650.

You might want to check through the maths there though!