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Shared Ownership Staircase Calculator
Shared Ownership Staircase Calculator. On & offline services, metropolitan house, potters bar, herts. This incurs the wrath of the tax man in the form of stamp duty.
A staircasing valuation is required as a first step when you're looking to staircase your shared ownership property. Most shared ownership mortgages will begin with a lower initial rate before moving onto their subsequent rate. Tax due on transaction 2 = £2,684.
This Is Known As ‘Staircasing’.
The first £125,000 of the £375,000 is taxed at 0%, the next £125,000 of the £375,000 is taxed at 2% and the final £125,000 of the £375,000 is taxed at 5%. A staircasing mortgage as part of a shared ownership scheme can be an excellent way to get on the housing ladder. The staircasing can be completed by purchasing additional shares in 10% increments or more.
I Cannot Stress This Importantly Enough:
With shared ownership, you will pay a mortgage, as well as a small amount of rent to the housing association that owns the rest of the property. You can also contact the debt charity “ step change ” if you are in debt and need help. A staircasing valuation is required as a first step when you're looking to staircase your shared ownership property.
When You Buy More Shares, You’ll Pay Less Rent.
Most shared ownership mortgages will begin with a lower initial rate before moving onto their subsequent rate. Shared ownership mortgages are hard to understand. It depends on your lease whether you can buy 100% of your shared ownership property.
The Housing Association Will Require You To Obtain A Shared Ownership Valuation Report Provided By Rics Regulated Chartered Surveyors Firm Who Will Determine The Current Open Market Value Of Your Property.
Use our online staircasing calculator to work out how much the cost of buying more shares could be. The shared ownership calculator app. When you staircase you reduce the monthly rent payments you make as you now own more shares of the property.
Shared Ownership Mortgages Freephone 0800 092 0800:
We’ll cover this in the next feature: If your client already has the ability to staircase and is looking to increase their share of a property, give us a call on 0330 123 1073. You can do the calculations here.
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