Shared ownership and stamp duty

Shared ownership and stamp duty

Postby natalieporter on Mon Apr 05, 2010 1:46 pm

I purchased 60% of a property totalling £132,000 in November, 2009. The SDLT threshold was £175,000 at the time. I asked my lawyer if I had to pay the SDLT immediately as I'd heard about a certain time frame for paying. He was adamant I had to pay immediately so I relied on this. So I paid £2,200 on the total value of £220,000. When talking to the cooperative who hold the mortgage, they told me my fees included 1% SDLT. My lawyer said he'd previously dealt with 3 conveyancing cases involving shared ownership.
In talking to a friend this w/end she explained I shouldn't of paid anything. I've since looked of the Inland Revenue's website. I only should pay SDLT on the amount when I staircase that takes me over 80% ownership. I have never had any intention of purchasing over this amount. It is beyond me financially. I read on the website you have 12 months to amend your SDLT but in the case of shared ownership it you "elect" to pay the full amount you can not go back on this. I'm furious. I would never have opted to pay the full amount had I known. There is no way I would second guess everything my lawyer said by checking the information. Does anyone know if there is anything I can do???
natalieporter
 
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Joined: Mon Apr 05, 2010 1:32 pm

Re: Shared ownership and stamp duty

Postby section 44 on Fri Apr 09, 2010 12:57 pm

The election is irrevocable once made. However if your solicitor has been negilgent then you may be due damages to cover the cost. Did you approve the SDLT return?
section 44
 
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Joined: Thu Oct 30, 2008 12:47 pm


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