If the value of the whole property is £75,000 then it is below the stamp duty threshold so you will not have to pay any. However, if this is just your 50% and the total value of the property is £150,000 you will pay stamp duty at 1% of the purchase price. You will need to check with the housing association that you are buying shared ownership with whether you pay the full amount but in many cases you are responsible for all of it.
If the total value of the property is above the threshold, but the amount you are actually paying is below, you can choose whether to pay stamp duty now, or defer it.
If you are planning to buy the remainder of the property at a later date, stamp duty would need to be paid on the total market value at that point if you deferred it initially.
Assuming the value of the property increases in the future, you would save money in the long run by paying stamp duty now - but ONLY if you buy the rest of the house. If you sell your share at a value still below the threshold there would be no stamp duty for you to pay.
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over 150k
If the value of the whole property is £75,000 then it is below the stamp duty threshold so you will not have to pay any. However, if this is just your 50% and the total value of the property is £150,000 you will pay stamp duty at 1% of the purchase price. You will need to check with the housing association that you are buying shared ownership with whether you pay the full amount but in many cases you are responsible for all of it.
If the total value of the property is above the threshold, but the amount you are actually paying is below, you can choose whether to pay stamp duty now, or defer it.
If you are planning to buy the remainder of the property at a later date, stamp duty would need to be paid on the total market value at that point if you deferred it initially.
Assuming the value of the property increases in the future, you would save money in the long run by paying stamp duty now - but ONLY if you buy the rest of the house. If you sell your share at a value still below the threshold there would be no stamp duty for you to pay.
I dont know but there was talk about the stamp duty being scarpped in the budget so i'd guess yes. The solicitor will tell you.
recent budget did scrap the need to pay stamp duty, (for shared ownership) but i am not sure when it will be introduced, your solicitor will advise.
I think you should ask your solicator.Good Luck
no you dont