Welcome to the reallymoving forum
Got questions and need some advice? Our forums have answers on everything from choosing the right property, to renting and selling.
  • If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below.


No announcement yet.

Stamp duty on lease ext and purchase

  • Filter
  • Time
  • Show
Clear All
new posts

  • Stamp duty on lease ext and purchase


    We made an offer on a flat at £250,00 and were told that it had a 92 years lease. It transpired it was 72 year lease and we asked vendor to extend. They agreed if would contribute towards costs. We preferred this option that taking forward the lease ext. ourselves so we negotiated this down to £7k.

    The EA informed us that we would only need to pay 1% on the purchase price but not on the contribution to the lease ext.

    Our solicitors advised us that we would need to pay 3% stamp duty on £257,000.

    EA now asking us to seek a 2nd opinion as they disagree with our solicitor's advice.

    I'm not looking for ways to avoid Stamp Duty. I'm just keen on understanding on who is right.