Stamp duty threshold increased to £175k for one year

fimonkey

epz wrote: »

anyone know the % of sales around the 175k level vs 125 level, it would be interesting to see the squashing effect on prices it has at that level.

Or even a rising effect? Some of the properties I've been keeping my eye on are two bed freeholds in the Bournemouth/Christchurch area. They're currently at £160K and I was hoping to see them drop to about £150K, but now I wonder if property bee will show them rise?

btw, I think the Queensland Government gives about $3000AUS to FTB's for their deposit. (Or used to be something like that in 2004).

mattpoker_2

Can someone please help me. We exchanged last week but have yet to move in or pay stamp duty as it's a new build and not yet completed.
It'll be ready in December. Do we pay stamp duty as we've exchanged but not yet paid duty or do we keep the stamp duty money as we're yet to get the keys?
With my luck and timing with finiancial matters - I think I know the answer! (

System

mattpoker wrote: »

Can someone please help me. We exchanged last week but have yet to move in or pay stamp duty as it's a new build and not yet completed.
It'll be ready in December. Do we pay stamp duty as we've exchanged but not yet paid duty or do we keep the stamp duty money as we're yet to get the keys?
With my luck and timing with finiancial matters - I think I know the answer! (

If you've already signed the contracts then I think it's too late.

Max_Headroom_3

sarkin wrote: »

Max do you mean sensible money to you or the buyer?

Good point!

Sorry, didn't explain that very well. What I meant was, if less than a couple of grand was what's really causing this huge price fallout, then as a seller I'd just pay the couple of grand.

What I'm trying (badly) to say is, the issues run much much deeper than not even a couple of grands worth of stamp duty.

mr_magoo_5

If I remember correctly a stamp duty holiday introduced in the 90’s by the Conservatives had little effect, go figure why doing one now would be a good idea
apart from clutching at straws!


More losers than gainers

mattpoker_2

Agh nuts, I was hoping as we haven't completed then it's not yet legally binding. Worst timing ever.

Jonbvn

mattpoker wrote: »

Agh nuts, I was hoping as we haven't completed then it's not yet legally binding. Worst timing ever.

You pay stamp duty when you complete, not when you exchange. I think you will be OK. Check with your solicitor.

mattpoker_2

She's away for a week! Probably didn't want to deal with all the emails and calls she'll be getting.

Nenen

mattpoker wrote: »

Agh nuts, I was hoping as we haven't completed then it's not yet legally binding. Worst timing ever.

I'd ask your solicitor as I would have thought personally (although I am NOT any sort of expert on this) that you pay the tax on the day you complete. It doesn't make sense to me logically that you would be forced into paying the SD on exchange as, if it all fell through, you'd have to pay compensation to the seller for failing to complete but I've never heard of anyone having to pay the SD at that point as well.

Hopefully an expert will be along soon... but in the meantime I'll keep my fingers crossed for yoy!

HammersFan

RichOneday wrote: »

Governments fiddling in the markets - will they never learn?

This has got a Panorama/Dispatches scandal written all over it.

The statement says this is to encourage FTBs, or in other words to lure the naive in to a market that anyone with any experience wont touch with a bargepole.

So, the 'help' gets thousands of FTBs in to the market by incentivising with 1% of property value and then in 12 months time gets withdrawn. Anyone remember what happened last time a stamp duty perk was withdrawn from the market?

Oh that's right, it killed the market stone dead making a bad position much, much worse.

But, of course, history never repeats itself does it?

It's my guess that the 175k threshold will become permanent, and that other thresholds will be adjusted upwards also (a guess would be the 250k one being lifted to 300k and so on). Labour has an established record of nicking tory ideas. When all of this comes up for review, the election will be very close, so I just can't see it being withdrawn.