Unsure of Asking Price due to Stamp Duty

princessamy86

Try it at £270k with the stamp duty sweetener thrown in, you can always reduce at a later date but putting the price up is never going to be a good thing. I would say realistically expect £250k if you don't pay stamp duty, however if you offer to pay it then there's no reason for people not to offer over £250k. Worth giving it a try definitely.

princessamy86

sarah_elton wrote: »

But if you market as stamp duty paid, and sell at £270k, you pay £8,100 leaving you with £261,900 - better than £250k.

I guess the downside is if you market as stamp duty paid and end up having to accept an offer of £250k, you're still stuck paying their 1%.

I would be inclined to try it at £275k stamp duty paid to see what happens. Then drop to £250k later and lose the stamp duty offer if need be.

I still think an extra bedroom should add something to the value....

Out of curiosity, at £275k say, what would you be up against in your area? How much are 2 and 3 bedroom houses on the market for?

Stamp duty paid with conditions!!! Make sure you give it to your agent in writing that stamp duty will not be paid unless the offer is excess of £250k- this is important you so don't want to be paying their 1%.

lostinrates

Matty0682 wrote: »

The problem is that my flat is a 3 bed and this is extremely rare in the area. All flats in the area are 2 beds!

Therefore this is no real comparison on prices for us to make.

One of the EA's said an offer of £270k is realistic because they believed a 3 bed is highly disirable in the area.
The second EA said realistically expect £250k becuase of the stamp duty.
Decisions, decisions

thats an interesting point. If the third bedroom is rare is that because its not really a fmaily area? If thats the case are all three rooms good sized doubles suitable for adult sharers? I wonder if the third bedroom, if a smaller single room has a less dramatic advantage than it would at first impressions?

Matty0682

Out of curiosity, at £275k say, what would you be up against in your area? How much are 2 and 3 bedroom houses on the market for?[/quote]

Some great advise on here folks!! thanks

At £275k-£285k this would be putting my flat again a 2 bed terraced cottage (small).

Basically my flat nearly has twice the square footage, but without the garden.

Matty0682

lostinrates wrote: »

thats an interesting point. If the third bedroom is rare is that because its not really a fmaily area? If thats the case are all three rooms good sized doubles suitable for adult sharers? I wonder if the third bedroom, if a smaller single room has a less dramatic advantage than it would at first impressions?

Actually it is a good family area and a good area for professionals (in the sticks and 30 min communte into central london). So most flats in the area are two beds aimed at professionals. There are plently of 3 bed houses going for £320k+

We have 2 large double rooms, the third is a small single

princessamy86

It comes down to personal preference then, some people would rather have the indoor space as our lovely British weather doesn't offer masses amount of scope for sitting in the garden! If you were up against a 3 bed detached it would be a different story, but good luck to you! Keep us all posted, interested to know how it goes for you x

lostinrates

Matty0682 wrote: »

Actually it is a good family area and a good area for professionals (in the sticks and 30 min communte into central london). So most flats in the area are two beds aimed at professionals. There are plently of 3 bed houses going for £320k+

We have 2 large double rooms, the third is a small single

thanks, thats exactly what I was asking.

Matty0682

princessamy86 wrote: »

Try it at £270k with the stamp duty sweetener thrown in, you can always reduce at a later date but putting the price up is never going to be a good thing. I would say realistically expect £250k if you don't pay stamp duty, however if you offer to pay it then there's no reason for people not to offer over £250k. Worth giving it a try definitely.

Reading all yr advice, I think I will put it on for £272k to start with offering to pay incremental stamp duty (moving from 1% to 3%). I will get my solistitor to state this on offers over and above £250k

Matty0682

princessamy86 wrote: »

It comes down to personal preference then, some people would rather have the indoor space as our lovely British weather doesn't offer masses amount of scope for sitting in the garden! If you were up against a 3 bed detached it would be a different story, but good luck to you! Keep us all posted, interested to know how it goes for you x

Sure, I'll keep you all posted. It goes on the market this week.....just need to decide on EA :rolleyes:

googler

I don't think you should offer to pay ALL of the buyer's stamp duty if it's in the 3% bracket - just the 2% extra.

They buy for £249,995 - they pay 1%

They buy for £275,000 - they still pay 1%, but you cover the other 2%