UK Property Law
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With respect to your questions - you should be paying stamp duty on £280k - I would have concerns as to the process as you are suggesting - what has your solicitor said with regard to this?
Have you not found a solicitor? Why not?
You will need to instruct a conveyancing solicitor tomorrow to act for you - I would have grave concerns about buying a property unless it has been checked out fully and the correct price is listed as the purchase price. Happy to discuss.Please rate positive
Sorry If I have not answered - let me be more specific
1. The seller would only be avoiding tax if he did not declare the value of the property sold - this would not be legal. Unless it is a buy to let he would not be paying CGT. You would be the person avoiding paying tax - because of the stamp duty - that is not legal and you would be breaking the law.
2. I would have concerns from what you have written about this transaction - such a big figure of £50,000 not being properly declared makes me exceptionally nervous that something may not be above board. Hence why a solicitor acting for you would need to go through it line by line.
I hope that this answers you questions - please rate positive
You have misunderstood what I have said - I stated unless it is a buy to let he would not be paying CGT - that means grammatically if it is a buy to let he has to pay CGT. I have answered your second question.
I am not prepared to help you any more.
Thank you for your question
I am a little confused by the details as it seems that you will still be paying £280,000 - could you explain a little more about how the deal is meant to work
Right so it is not a Cash Purchase
How much are you borrowing on mortgage?