jim8flog
Journeyman Pro
He is downsizing from a £200k property
stamp duty is only payable on houses worth more than £250K
Equity release?
- Thread starter williamalex1
- Start date
stamp duty is only payable on houses worth more than £250K
jim8flog
Journeyman Pro
I would still do it. Circumstances dictated I need to find a new source of mortgage to pay off an existing one and at the time the usual lenders would not give one to someone my age and retired.
I have looked at downsizing several times and even put in offers for other properties. Trouble is suitable properties coming to market are pretty rare and will be snapped up within days of coming to the market.
I live in the middle of a small town/large village which still has all the usual facilities except for a bank and they are all within walking distance, which is something which is very important to me.
The other thing I considered was turning my house in to two houses but the planning department said getting planning permission would be very unlikely as it is out of keeping with the rest of the close.
D
Deleted member 21784
Guest
I can imagine after so many years in the same house , getting it to how you want it, and being very happy where you live (assuming that?) Then it was a win win option to be able to stay exactly where you were rather than downsize and start again
jim8flog
Journeyman Pro
One of the major issues is that my existing house has been fully converted for disabled living (which I need when my problems occur) and I know there are a lot of features I would have to put in a new house. My main problem is that I am finding it too big to keep up the maintenance and I am getting too old to be working on ladders.
D
Deleted member 21784
Guest
One of the major issues is that my existing house has been fully converted for disabled living (which I need when my problems occur) and I know there are a lot of features I would have to put in a new house. My main problem is that I am finding it too big to keep up the maintenance and I am getting too old to be working on ladders.
My grandparents are a bit in that situation, struggle with the upkeep but did a bad equity deal in the 90s so wouldn't be able to really afford anywhere decent locally to live
I mean it's a 5 bed detached in greater London and from the figures I've been told they would struggle to get a 2 bed flat!
Their good friends (my "aunt and uncle") on other hand did manage to downsize from their big house in Kent. To a house that still would dwarf mine.. freed up a lot of cash .. about a decade ago now .. but their health's going so they are litterally selling that up and moving into one of them places that look like a holiday camp!
Fair play to them
Is there some kind of person you could get in to assist with maintenance then you could stay without issues forever!!
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
I’ll get back under ma rock ?
GreiginFife
Money List Winner
Land and Buildings Transaction Tax in Scotland is payable on properties above £145k. Up to £250k it currently sits at 2%.
LBTT replaces stamp duty in Scotland years ago and whilst relief is available on properties up to £175k, that is reserved for first time buyers.
jim8flog
Journeyman Pro
PhilTheFragger
Provider of Entertainment for the Golfing Gods 🙄
I’ll come out from under my rock then ?
jim8flog
Journeyman Pro
Teach me to look where they live.
williamalex1
Money List Winner
Correct Bob, I was told around the 73 K.
Seeming my age group can get up to 35% of the value in equity.
We've now decided to stay put, just buying more wooly jumpers
