Stamp Duty on Shared Ownership Explained in Full
Shared ownership is a great way to get started on the property ladder without having to pay the full market value for your home. However, there are some extra costs that come with this type of purchase, one of which is stamp duty. In this post, we will explain everything, starting with the basics, about stamp duty on shared ownership and why you should consider hiring Stamp Refunds to represent your case. We will also dispel some myths about stamp duty so that you can make a smart decision about whether or not this is the right type of purchase for you.
What is stamp duty on shared ownership?
If you are looking to purchase a property through the shared ownership set-up, you will be required to pay stamp duty on the portion of the property that you own. The amount of stamp duty payable will depend on the value of the property and your personal circumstances.
As with any other property purchase, you will need to engage the services of a conveyancing solicitor to help with the legal aspects of the purchase. They will be able to advise you on the amount of stamp duty payable and help you to complete the necessary paperwork.
Stamp Refunds are experts in reclaiming overpaid stamp duty. We have a team of experienced solicitors who can assess your case and determine if you are due a refund. If we believe that you are entitled to a full or partial refund, we will represent your case to HMRC and negotiate on your behalf to ensure that you receive the maximum refund possible.
There is no risk involved in using our services as we only charge a success fee if we successfully secure a refund for you. So, if you have purchased a property through the shared ownership scheme and think you may have paid too much stamp duty, contact us today for expert advice.
How can Stamp Refunds help you get a refund?
If you are a shared ownership property owner, you may find that you’re eligible for a refund of the stamp duty paid on your purchase.
At Stamp Refunds, we have helped countless people get the refunds they deserve. We have a team of expert solicitors who know how to navigate the complex world of stamp duty and shared ownership.
We will review your case on your behalf and advise you on how to proceed. If we think you are due a refund, we will work with you to gather the necessary evidence and make your case to the relevant authority.
Getting a refund can be a lengthy and complicated process, but we will be with you throughout. Contact us today to see if we can help you get your stamp duty refund.
What are the benefits of using Stamp Refunds?
There are many benefits of using Stamp Refunds to represent your case for a stamp duty refund. Here are some of the key benefits:
1. We have a team of experienced professionals who know the ins and outs of the stamp duty refund process.
2. We have a proven track record at Stamp Refunds of successfully helping our clients get the refunds they deserve.
3. We offer a free initial telephone consultation to assess your eligibility for a refund and give you peace of mind when hiring us.
4. We work on a no-win, no-fee basis so you only pay us if we are successful in securing a refund for you.
5. We will handle all the paperwork and correspondence with HMRC on your behalf, taking away the stress and hassle of dealing with them yourself.
Are you due a refund?
If you are looking to purchase a property through the Shared Ownership set-up, you may be entitled to a refund on the Stamp Duty Land Tax (SDLT) that you have paid.
The amount of SDLT that you are required to pay is based on the percentage of ownership that you have in the property. For example, if you own 50% of the property, you would only be required to pay SDLT on half of the purchase price.
However, in some cases, people have mistakenly been charged SDLT on the full purchase price. If this has happened to you, then you may be due a refund.
The team at Stamp Refunds are experts in claiming back overpaid SDLT and can help you to get your money back. We will take care of all the paperwork and liaise with HMRC on your behalf.
If you have questions for our team about stamp duty on shared ownership or think you might be due a refund of Stamp Duty Land Tax, contact Stamp Refunds today for free advice and assistance.