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    • dhokes
    • By dhokes 23rd Nov 17, 11:54 PM
    • 120Posts
    • 12Thanks
    dhokes
    New build house purchase and stamp duty
    • #1
    • 23rd Nov 17, 11:54 PM
    New build house purchase and stamp duty 23rd Nov 17 at 11:54 PM
    I'm in the middle of purchasing a new build home. I've paid a reservation fee and signed a reservation form where the developer agreed to pay stamp duty for me.

    I told my mortgage provider this and I've received a mortgage offer. This states "In making this mortgage offer we have been made aware you will be receiving cash incentives from the vendor to the value of £xxxx."

    With the recent changes to stamp duty, obviously the developer will no longer need to pay stamp duty for me/I won't receive the cash incentive from them.

    Searches are being carried out by my solicitor and I've yet to exchange contracts, and I was wondering how to handle this?

    I'm thinking of asking the developer to partially pay for my 'extras' such as tiling to the same value as what the stamp duty would be.

    For my mortgage offer to stand, do I need to receive the cash incentive? What happens if I don't receive anything from the developer?
Page 1
    • whatdoyouthink...
    • By whatdoyouthink... 24th Nov 17, 9:04 AM
    • 18 Posts
    • 4 Thanks
    whatdoyouthink...
    • #2
    • 24th Nov 17, 9:04 AM
    • #2
    • 24th Nov 17, 9:04 AM
    Not sure where you'd stand in terms of your mortgage, but since your stamp duty won't need paying, could you ask your developer to give the same value towards your solicitor fees? I'm in the process of buying a new build and one of the builder incentives was to pay a sum towards the legal fees. Just a thought.
    • Prad650
    • By Prad650 24th Nov 17, 6:39 PM
    • 1 Posts
    • 0 Thanks
    Prad650
    • #3
    • 24th Nov 17, 6:39 PM
    • #3
    • 24th Nov 17, 6:39 PM
    I am in similar situation cobtracts bewn exchanged and completion imminent , need to confirm from developer if they can give the cash money towards legal fees or furnishing house in build cupboards ��
    • Rmac1982
    • By Rmac1982 29th Nov 17, 2:22 PM
    • 6 Posts
    • 3 Thanks
    Rmac1982
    • #4
    • 29th Nov 17, 2:22 PM
    • #4
    • 29th Nov 17, 2:22 PM
    We are in a very similar position. Mortgage offer was received the day of the budget.
    The builder is paying the stamp duty and this was a huge factor in us choosing this particular builder.
    Now that the stamp duty has decreased by approx £5k the deal doesn’t look as appealing!
    I’ve spoken to the builder and they won’t offer any incentives, legal fees etc and they see it as ‘one of those things’.
    I think from a legal perspective they are within their rights to do this and think the only thing we could do is threaten to walk away and hope they change their mind!
    Any thoughts??
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