it's 100% mortgage based purchase so if i need to pay tax, what is the point ? to make my situation more misearable as i will need to increase my mortgage (or have no flat at all to live in if i choose so?)
2007-12-04 02:44:24 · 4 answers · asked by zapytanko3 1 in Business & Finance ➔ Renting & Real Estate
Stamp duty tax may be payable on your purchase but this depends on how much you are buying your flat for:
If under £125,000 no tax is payable
Over £125,000-£250,000 taxed at 1% of purchase price, etc.
This will be paid in addition to your purchase and it doesn't matter whether or not you are buying with a 100% mortgage. There would also be solicitors' fees, disbursements and you may have to also pay around 5-10% deposit on your purchase (the later you can get back from your mortgage lenders when you complete)
2007-12-04 02:52:40 · answer #1 · answered by Jessica 4 · 1⤊ 0⤋
You would be unwise as the prices are too high and the market is collapsing soon.
Why pay 100% why not 80% or less ?
Why subsidise the seller so much ?
Don't you like restaurants and hotels do you want to be schacked to a mortgage and in negative equity very soon ?
Don't listen to me, listen to the OECD and the IMF.
40% overvalued, that is a professional figure !
Hey this has saved you thousands, right !
Surely the BEST answer !
2007-12-04 03:24:17 · answer #2 · answered by Anonymous · 0⤊ 1⤋
What tax are you referring to?
You pay 1% stamp duty (which is a government tax) on purchases between £125,000 and £250,000. If your flat costs less than £125,000 you won't pay that.
Apart from that, you'll need to fund your mortgage arrangement fee and valuation fee, plus solicitors costs.
2007-12-04 03:10:01 · answer #3 · answered by chip2001 7 · 0⤊ 0⤋
Stamp Duty is paid by the seller.
The buyer will have to pay :-
Own Mortgage arrangements fees
Own Solicitors fees (including Search & Land Registry)
Own Survey fees.
Once you own the house you have to pay Council Taxes..
2007-12-04 02:49:18 · answer #4 · answered by Steve B 7 · 0⤊ 2⤋