Stamp duty???

jocotty

Hi,

I am a first time buyer, about to buy a house at a cost of 255k.

Can anyone tell me roughly how much stamp duty I will be looking at paying? And when would I be paying it?

don't know anything about it, so any guidance much appreciated,

Thanks,

Jo

mel.b

Stamp duty is 1% of the purchase price and is payable to your solicitor on the day you get the keys.

Obro

Hi

I am pretty sure its 1% up to a Million and 2% above a Million. Best of luck with your purchase.

jocotty

Obro wrote: »

Hi

I am pretty sure its 1% up to a Million and 2% above a Million. Best of luck with your purchase.

Thanks lads.

Do first time buyers have much of an advantage these days? If so, what do first time buyers get that other people dont?

Jo

They are exempt from paying property tax until the end of 2016.

jocotty

Mayo Gurl wrote: »

They are exempt from paying property tax until the end of 2016.

is that the lot ya? used it be that first time buyers did not have to pay stamp duty, r something like that????

Obro

This might help :

http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/stamp_duty.html

gurramok

jocotty wrote: »

is that the lot ya?

Yes more or less, you pay stamp duty of 1%. The exempt from the property tax on a 255k price is a full years 495 in 2014. It would be preferable for you to get that sale price to 249 max so you'd pay 405 instead.
http://www.revenue.ie/en/tax/lpt/liability.html

There is no MIR anymore so no preferential treatment there. Only other "advantage" is you might get a slightly preferential mortgage rate from your bank as "new business".

Tigger

gurramok wrote: »

Yes more or less, you pay stamp duty of 1%. The exempt from the property tax on a 255k price is a full years 495 in 2014. It would be preferable for you to get that sale price to 249 max so you'd pay 405 instead.
s".

Also you'll save six grand

tim9002

jocotty wrote: »

is that the lot ya? used it be that first time buyers did not have to pay stamp duty, r something like that????

First time buyers did have to pay stamp duty until the mid 2000s on second hand houses and had to pay a lot more than 1%.