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New build stamp duty query!

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Rmac1982
Rmac1982 Posts: 6 Forumite
in House buying, renting & selling
Hi there
I wonder if anyone is in the same position or has any advice.
We have just received a mortgage offer on a new build property. The envelopes offered to pay our stamp duty as a part of the deal. This was £7.5k at the time so a very appealing offer. Since the budget the stamp duty value has reduced significantly. The builder sees this as ‘one of those things’ and will not entertain the idea of giving us any further incentives (flooring etc) to make up for the £5k they are now saving.
I think from a legal perspective they are within their rights to do this however this feels like they are profiteering from a government incentive aimed to help first time buyers.
Do you think I could do anything about this as I’m feeling that threatening to walk away and hoping they change their mind may be the only option!

Comments

  • Rmac1982
    Rmac1982 Posts: 6 Forumite
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    Autocorrect!!! It should say developer and not envelopes ��
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Tell them you've suddenly remembered you're not actually a first time buyer.


    PS there is an "edit" button!
  • ThePants999
    ThePants999 Posts: 1,748 Forumite
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    davidmcn's approach sounds like it has legs to me. A few words from you and they're back to paying thousands, so it's in their interests to share some of it with you!
  • Rmac1982
    Rmac1982 Posts: 6 Forumite
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    Quick update....
    Our builder is giving us the full stamp duty as originally agreed and we get the balance in cash.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Rmac1982 wrote: »
    Quick update....
    Our builder is giving us the full stamp duty as originally agreed and we get the balance in cash.

    Does this impact your mortgage offer?
  • Rmac1982
    Rmac1982 Posts: 6 Forumite
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    No. They are leaving the stamp duty on the reservation form as £6.8k. The solicitor will pay the £1.8k and give us the rest
  • breadwm
    breadwm Posts: 15 Forumite
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    I am due to complete on the 15th December

    Barratt's have today confirmed in writing that they will be passing on the tax relief

    (Will post exact details later - just been told over the phone!)

    :beer:
  • Surrey_EA
    Surrey_EA Posts: 2,042 Forumite
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    Rmac1982 wrote: »
    No. They are leaving the stamp duty on the reservation form as £6.8k. The solicitor will pay the £1.8k and give us the rest

    What has been put on the CML disclosure of incentives form?

    https://www.cml.org.uk/lenders-handbook/disclosure-of-incentives-form/
  • brit1234
    brit1234 Posts: 5,385 Forumite
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    Rmac1982 wrote: »
    This was £7.5k at the time so a very appealing offer.

    They are not giving it for free, they were simply overcharging you by that amount or more In total house prices cost.

    Get them to drop the stamp duty value from sale price, bet they won't as they want to manipulate the land redistry figures.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • breadwm
    breadwm Posts: 15 Forumite
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    In respect to the above, should you be eligible, we can now confirm how we will pass on the reduction. We have had a few customer enquiries in the last week and we believe it is important to set out our approach in writing and make our policy in this area 100% clear.

    Barratt Homes had previously offered you a 'contribution towards to your stamp duty' which is now no longer payable following the Chancellor's announcement.

    We can confirm that this Stamp Duty reduction will still be passed on to you. Our contribution will be honoured and now detailed on your completion statement as "Moving Costs".

    Please note there may be further enquiries that you will be required to make with your lender and solicitor

    Buzzing!

    :beer:
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