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Altering accepted offer on property
InstantKarma
Posts: 3 Newbie
Is it possible to alter an accepted offer on a property? We offered £176,000 on a house and now the government has put a freeze on stamp duty for houses up to £175,000. Is it possible for our estate agent to amend the offer to £174,000 for the purchase and £2,000 for fixtures and fittings per se. So that we could avoid the stamp duty but still effectively paying the same for the property?
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Yes. As long as they get the cash, I doubt the seller will care how the maths is done.
Though I should add of course that anyone buying a house in the current market needs their head examining.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
InstantKarma wrote: »Is it possible to alter an accepted offer on a property? We offered £176,000 on a house and now the government has put a freeze on stamp duty for houses up to £175,000. Is it possible for our estate agent to amend the offer to £174,000 for the purchase and £2,000 for fixtures and fittings per se. So that we could avoid the stamp duty but still effectively paying the same for the property?
as long as you haven't exchanged contracts you can change the offer.
why not just reduce your offer to £175k rather than mess around with f&f. the seller is probably expecting it anyway.
if you offer £2k for f&f remember that HMRC are more likely to investigate the transaction if you do, so there needs to actually be movable fittings worth £2k to back this up. if there aren't then you risk getting done for tax evasion which will end up costing you a lot more than the stamp duty you avoid on the transaction.0 -
A couple of k for the carpets and curtains should do it.
Not like the carpets and curtains will fit the sellers new house.Bankruptcy isn't the worst that can happen to you. The worst that can happen is your forced to live the rest of your life in abject poverty trying to repay the debts.0 -
A couple of k for the carpets and curtains should do it.
Not like the carpets and curtains will fit the sellers new house.
You can only apply the 'used' value of such items and you actully have to make a list of what items you are buying and for what price. Paying for chattels at that purchase price is going to draw the attention of HMRC. It looks like tax evasion. I wouldn't pay much for second hand carpet (eurgh)
I'd just offer £175,000. Disappointing for the vendors but no-one else is going to offer them £176,000 now. I bet the mortgage valuation comes in at £175,000 anyway.Everything that is supposed to be in heaven is already here on earth.
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Thanks for the reply's,
The problem is that the offer's been concluded. I was just hoping that there was away around the situation.0 -
Concluded? Are you in Scotland?Everything that is supposed to be in heaven is already here on earth.
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Yep, I have talked to my solicitor today, and they are going to be able to do something with the offer:j .0
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Good news
Everything that is supposed to be in heaven is already here on earth.
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