Trying to wrangle out of stamp duty!

kurt-sam

Hi there :xmassign:

I have posted recently before about putting an offer in on a house we liked that was, realistically above our budget. It didn't work out. However, we have now seen a house that we very much like for within our budget. We were, though hoping to find one below the cost of stamp duty. I have rung the agent to see if the seller might be able to cover our stamp duty for an offer closer to the asking price. The property is on at 125k, and is in very good condition, worth the money really IMO. There is also the possibility of having some appliances included in the move I hope. Basically, as first time buyers we are in a good position, but realistically we will end up getting into further debt to try and afford the stamp duty. Obviously the debt will still be there if we effectively 'add it on' to the mortgage, but it will be a more affordable way of getting onto the housing ladder, which with a baby now we feel to be almost essential really. So what offer should we originally offer if the seller was prepared to cover the stamp duty? Should add it is a no chain move, as the seller has moved in with his partner. Thanks. :rudolf:

geo555

Offer £119500. Most sellers must relise that being so close to the threshhold of stamp duty, buyer wont want to pay the extra £1200. If you are ready to buy and they are keen to sell, you should have a deal.

zag2me

Yep I doubt anyone would expect to get a property priced at 125,000 actually sold over the stamp duty thershold. Remember most sellers will over-value a property before they put it on the market. In their mind they are probably expecting to get 119500 from it.

kurt-sam

After all this, we went in at the asking price and asked for various bits and pieces in the house, and of course the payment of the stamp duty. So now just waiting!

Me_Myself_2

You may be able to convince the Inl Revenue that £5050 is for F&F and thereforethe house is lesss than £120,000???

Me_Myself_2

Note of caution on last post. You have to prove the F&F are woth that. Maybe posh lights, made-to-measure curtains, etc. Be careful

AndrewSmith

Hi,

In my experience I doubt that you would get away with £5050 on a purchase price of £120000. Don't forget that your solicitor has to be happy to accept it also as he will be putting his name to the contract.

Hope this helps

Andy

kurt-sam

Thanks, but our offer has been accepted. Don't really want to get into a situation where we are trying to be a bit dodgy if you see what I mean! My partner is a policeman, so it wouldn't be a good look really would it?!! :snow_grin

nmiah786

kurt-sam wrote:

Thanks, but our offer has been accepted. Don't really want to get into a situation where we are trying to be a bit dodgy if you see what I mean! My partner is a policeman, so it wouldn't be a good look really would it?!! :snow_grin

Did you offer the full £125k with the vendor paying the stamp duty.

Well Done.