The website for mortgage advice of all sorts

Rookery Farm
Mile Hill
Porthtowan
Yturo TR4 8TY

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Where the house costs £125000 or less, irrespective of where it is situated, Land Tax Stamp Duty does not currently apply. So, with virtually all purchase prices now exceeding £125000 in the South West, it can hurt.

You may be able to mitigate it if your solicitor is able to negotiate the purchase price where it is only just in excess of one of the thresholds, with the balance being bought as 'fixtures and fittings' although there is obviously a ceiling as to what is a reasonable price for these and they may not be mortgageable, depending on the lender.

Carrick          Kerrier                    Penwith

Penwerris     Illogan South            Penzance East
                     Camborne North      Penzance West
                     Camborne West       Hayle-Gwithian
                     Camborne South      Marazion
                     Redruth North           St Ives North
                                                       St Just
                                                       Hayle Gwinear

So, if you are looking to buy in those wards for under £150000, you can forget Stamp Duty. But if you want to buy anywhere else in Cornwall, don't forget to budget for this tax. Minimum 1% of the purchase price when it applies.

A full list of all wards in the UK where the higher limit for Stamp Duty Land Tax applies can be down-loaded from the Inland Revenue site at

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Residential land or property SDLT rates and thresholds
Purchase price/lease premium or transfer value    

                                                       SDLT rate    SDLT rate for
                                                                               first-time buyers

Up to £125,000                                    Zero    Zero
Over £125,000 to £250,000                1%    Zero
Over £250,000 to £500,000                3%    3%
Over £500,000                                       4%    4%

If the value is above the payment threshold, SDLT is charged at the appropriate rate on the whole of the amount paid. For example, a house bought for £130,000 (by someone who is not a first-time buyer) is charged at 1 per cent, so £1,300 must be paid in SDLT. A house bought for £350,000 is charged at 3 per cent, so SDLT of £10,500 is payable.

First time buyers
The first time buyer's £250,000 threshold applies from 25 March 2010 up to 24 March 2012 inclusive.

SDLT threshold 3 Sept 2008 - 31 December 2009

Note that between 3 September 2008 and 31 December 2009 the starting threshold for SDLT was £175,000 - higher than shown in the table above. The threshold was reduced back to £125,000 from 1 January 2010.

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Areas Requiring Renovation

Stamp Duty

Although Cornwall covers over 11000 square miles, the relevant 'deprived areas' where Stamp Duty has been abolished is rather smaller. Well a lot smaller then. It applies to just 13 wards as follows:

The Mortgage Shop is a retired IFA that no longer gives direct advice on or arranges Equity Release. Instead, it passes your enquiry to a fully qualified and licensed professional firm in your local area
that will do this for you. This is a FREE referral service to you, without any obligation, and you are completely at liberty to negotiate with the firm concerned the terms for their advice and services. The information provided is on the basis of our understanding of UK tax law and Inland Revenue practice and is subject to change.  This site is intended for persons aged 18 or over, resident or ordinarily resident, in the United Kingdom. email: bobstark@mortgagefor.me.uk

This is about Equity Release Plans. To understand the features and risks, ask for a personalised illustration. The actual APR rate available will depend upon your circumstances.

If you already own the house you are seeking to release some of the equity from, NO STAMP DUTY APPLIES unless someone's name is removed from the Deeds at the same time - for example if one party is entering into care. There is normally a husband/wife/partner exemption in this respect, but there could then also be implications as far a the cost of any care is concerned and you must take legal advice before comitting yourselves.

However, if you are selling and trading up or down Stamp Duty could apply. See the rules here.

I recently succesfully challenged a DWP statement that a married couple were not entitled to  Pension Credits. As a result, their income was increased by almost £175 per month

Temporary Exemption (Holiday)

The temporary exemption from Stamp Duty Land Tax, that was announced on 2 September 2008,  for acquisitions of residential property worth not more than £175,000, has now ceased and the normal limits have once again been imposed. The threshold was reduced back to £125,000 from 1 January 2010