Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Rmac1982
    • By Rmac1982 29th Nov 17, 2:34 PM
    • 6Posts
    • 3Thanks
    Rmac1982
    New build stamp duty query!
    • #1
    • 29th Nov 17, 2:34 PM
    New build stamp duty query! 29th Nov 17 at 2:34 PM
    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!
Page 1
    • Rmac1982
    • By Rmac1982 29th Nov 17, 2:35 PM
    • 6 Posts
    • 3 Thanks
    Rmac1982
    • #2
    • 29th Nov 17, 2:35 PM
    • #2
    • 29th Nov 17, 2:35 PM
    Autocorrect!!! It should say developer and not envelopes ��
    • davidmcn
    • By davidmcn 29th Nov 17, 2:43 PM
    • 6,249 Posts
    • 6,030 Thanks
    davidmcn
    • #3
    • 29th Nov 17, 2:43 PM
    • #3
    • 29th Nov 17, 2:43 PM
    Tell them you've suddenly remembered you're not actually a first time buyer.


    PS there is an "edit" button!
    • ThePants999
    • By ThePants999 29th Nov 17, 3:30 PM
    • 900 Posts
    • 1,054 Thanks
    ThePants999
    • #4
    • 29th Nov 17, 3:30 PM
    • #4
    • 29th Nov 17, 3:30 PM
    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
    • By Rmac1982 1st Dec 17, 6:12 PM
    • 6 Posts
    • 3 Thanks
    Rmac1982
    • #5
    • 1st Dec 17, 6:12 PM
    • #5
    • 1st Dec 17, 6:12 PM
    Quick update....
    Our builder is giving us the full stamp duty as originally agreed and we get the balance in cash.
    • Thrugelmir
    • By Thrugelmir 1st Dec 17, 6:31 PM
    • 56,183 Posts
    • 49,567 Thanks
    Thrugelmir
    • #6
    • 1st Dec 17, 6:31 PM
    • #6
    • 1st Dec 17, 6:31 PM
    Quick update....
    Our builder is giving us the full stamp duty as originally agreed and we get the balance in cash.
    Originally posted by Rmac1982
    Does this impact your mortgage offer?
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Rmac1982
    • By Rmac1982 1st Dec 17, 6:37 PM
    • 6 Posts
    • 3 Thanks
    Rmac1982
    • #7
    • 1st Dec 17, 6:37 PM
    • #7
    • 1st Dec 17, 6:37 PM
    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
    • By breadwm 5th Dec 17, 1:32 PM
    • 15 Posts
    • 5 Thanks
    breadwm
    • #8
    • 5th Dec 17, 1:32 PM
    • #8
    • 5th Dec 17, 1:32 PM
    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!)

    • Surrey_EA
    • By Surrey_EA 5th Dec 17, 1:43 PM
    • 1,299 Posts
    • 1,551 Thanks
    Surrey_EA
    • #9
    • 5th Dec 17, 1:43 PM
    • #9
    • 5th Dec 17, 1:43 PM
    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
    Originally posted by Rmac1982
    What has been put on the CML disclosure of incentives form?

    https://www.cml.org.uk/lenders-handbook/disclosure-of-incentives-form/
    • brit1234
    • By brit1234 5th Dec 17, 1:54 PM
    • 5,172 Posts
    • 11,948 Thanks
    brit1234
    This was £7.5k at the time so a very appealing offer.
    Originally posted by Rmac1982
    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.
    Scams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
    • breadwm
    • By breadwm 5th Dec 17, 5:02 PM
    • 15 Posts
    • 5 Thanks
    breadwm
    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!

Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,062Posts Today

6,394Users online

Martin's Twitter