Embarrassingly basic stamp duty/deposit question

usernamegoes · 01-05-2021 09:47AM #1

So I have a really basic question that for the life of me I can’t figure

I have €40k saved now some of this needs to be used as stamp duty and some needs to be used as deposit. Now here is the embarrassing part, I can’t figure out how to apportion this correctly to figure out how much I can afford to bid.

I have been messing around with thinking this is 11% of the purchase price but that’s not helping. I have said if I bid 360k that means I need 36k + 3.6k leaving 400quid left which is close enough but that was just picking numbers and seeing what works I’ve no idea how to scale that in a formula as I save more each month or add a lump sum.

I’m sure it’s very obvious when you see it but it’s really confusing me.

I have separate saving for legal fees etc. But any help on this would be great.

wench · 01-05-2021 09:52AM

40 = 11%
? = 100%

40 x 100 / 11 = 363K

Do you also have money set aside for solicitor's fees?
They'll usually need to be paid at the same time as the stamp duty.

Duvetdays · 01-05-2021 10:12AM

For a first time buyer it’s 10% deposit up to 220k and 20% for the remainder. So you would need 50k deposit on a house worth 360k and 1% stamp duty that another 3.6k. Solicitor is probably 1% or 1.5% so another 3.6k to 5.4K then land registry fees etc on top of solicitor fees.

wench · 01-05-2021 10:25AM

Duvetdays wrote: »

For a first time buyer it’s 10% deposit up to 220k and 20% for the remainder.

That was changed in Jan 2017, it is now 90% on the full value.

Duvetdays · 01-05-2021 10:35AM

wench wrote: »

That was changed in Jan 2017, it is now 90% on the full value.

Apologies never realised they changed it back to 10%

Embarrassingly basic stamp duty/deposit question

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