Buying Now - Stamp Duty Holiday?

mattwallisuk

I know next month Brown is going to announce an economic package to boost the economy, which may or may not include a stamp duty break. Is there anymore detail on this, or any actual date announced as to when he will be detailing this?

The reason I ask is that we had an offer on our first house accepted today, and its in the 3% stamp duty band so will be a significant tax. If we can avoid it by delays a number of days or weeks then maybe its worthwhile?

Thanks for any helpful advice or information...

SquatNow

3% isn't a huge amount.

If you delay a month you'll get 10% off

2 months and you'll get 20%

Basically, to buy now, you have to be totally, utterly stupid.

No offence.

mattwallisuk

Unfortunately I have to buy now, and we're talking conservation property which isnt available all the time, its a very specific property and ive taken 15% off asking to protect us for a few months to come yet.

So back on topic, anyone have anything to add relevant to stamp duty, I don't need to be told Im barking mad buying right now

SquatNow

mattwallisuk wrote: »

Unfortunately I have to buy now, and we're talking conservation property which isnt available all the time, its a very specific property

So someone is holding a gun to your head?

Hang on, I'll call the police for you.

mattwallisuk wrote: »

and ive taken 15% off asking to protect us for a few months to come yet.

Even by the overly optomistic mortgage companies, house prices have dropped 12% in the last 12 months alone. how much more do you think they will drop by in the NEXT 12 months?

mattwallisuk wrote: »

So back on topic, anyone have anything to add relevant to stamp duty, I don't need to be told Im barking mad buying right now

As I think I said, stamp duty is only 3%. prices in many areas are falling 3% a month, so stamp duty isn't really that important.

fimonkey

Looks like you're being baited Matt. Don't take the bait, wait until someone comes along who can answer your question, though they're answers will only be speculation (unless Mr Darling makes an appearance).

Personally I don't think the Govmnt will announce stamp duty repreive, or if they do, they'll replace it with some other (equally hare-brained) tax.

Is the property you're interested in being pursued by others? If so then yuo may not be abel to wait, but otherwise you're in teh driving seat... buyers market n all that.

mattwallisuk

Yes its a character property in st albans conservation area WITH off-street parking, which is extremely rare and has been persued by several people (which I know for a fact). Hence me not being in a position to wait this one out. I am happy to buy the property at the price we have agreed on, and weather the storm....

This is why my post is purely stamp duty related, for those that have useful input on this subject.

Thanks for your posts

fimonkey

Well if you delay, and there's other interest in the property the vendors may get wise to your game and pull out altogether knowing they can go elsewhere _ though if you negotiated a 15% decrease in price then was it hugely overpriced anyhow? Or were the other interested parties merely being nosey and dreaming?

mattwallisuk

I wouldn't delay now. As things have only just gone to the solicitors. Im thinking that in 2-3 weeks when paper pushing is nearing completion and we are a matter of days away from Brown announcing *something* will it be worth waiting. It is £10k afterall.

SquatNow

mattwallisuk wrote: »

I wouldn't delay now. As things have only just gone to the solicitors. Im thinking that in 2-3 weeks when paper pushing is nearing completion and we are a matter of days away from Brown announcing *something* will it be worth waiting. It is £10k afterall.

No offence, but as I said it's 3%.

With prices in some areas are falling 3% a month, if 3% makes that much difference to you, you should NOT be buying.

mattwallisuk

Blimey can you not read Squaty? £10k is a relevant amount of money, regardless of how much I have, how much I am willing to spend, how much I earn, how much I could lose, etc etc... I am looking for peoples opinions on the possible reform of stamp duty, and not your own opinion of the housing market in general.

Anyone else got any relevant thoughts?

m1ntie

Personally I dont think that he will do anything with the 3% band. It would cost a huge amount of money.

I think he may do something with the 1% rate - maybe allow people to pay later or in stages.