How to get around Stamp duty?

bunny_3

Hi,

I've just found out that the stamp duty is going to 3% on a house that i'm buying.

Is there any clever ways of reducing it at all? ???

Cheers and thanks.

lisyloo

What price is the house you are buying.

If it is just over £250 you could put a small amount down a fitting and fixtures but make sure it's genuinely values (the Inland Revenue are crakcing down on abuse of this).

If it's well over £250 then unfortunately I think the answer is no, unless you are moving to an area which is exempt from stamp duty.

maninthestreet

Fees_Free_Mortgage_Advice wrote: »

I'd recommend you seek fees free mortgage advice by a broker on here.

FFMA - is that all you can say in reply to any post??

kingkano

maninthestreet wrote: »

FFMA - is that all you can say in reply to any post??

They are a TROLL obviously. ignore them is all I can suggest. Hopefully they have been reported a few times already.

In regards the stamp duty query. If its only slightly over 250, the fixtures and fittings (curtains, washing machine etc) could be investigated. If we are talking 260 or 270 Im afraid its bad luck. THere is no real legal way to get around it Hence why its such a tricky price to sell a house at!

glenderg

Hi kingkano, do you mean there might be a way round it but it would be illegal.
God forbid that any of us would follow the example of some of our leaders and do anything considered to be illegal.

kingkano

glenderg wrote: »

Hi kingkano, do you mean there might be a way round it but it would be illegal.
God forbid that any of us would follow the example of some of our leaders and do anything considered to be illegal.

:rotfl: of course there is. you pay them 250 for the house thru normal methods and a brown envelope of cash comes thru their mail box the next day. Im not sure Id trust anybody enough to risk it though..... its also not nice for your new neighbours, or for you when you want to sell later

kingkano

glenderg wrote: »

Hi kingkano, do you mean there might be a way round it but it would be illegal.
God forbid that any of us would follow the example of some of our leaders and do anything considered to be illegal.

:rotfl: of course there is. you pay them 250 for the house thru normal methods and a brown envelope of cash comes thru their mail box the next day. Im not sure Id trust anybody enough to risk it though..... its also not nice for your new neighbours, or for you when you want to sell later

regularsaver1

Fees_Free_Mortgage_Advice wrote: »

I'd recommend you seek fees free mortgage advice by a broker on here.

advice can not be given from this site!

jnote

Yeah, we are in the midst of negotiations on a house where the sellers want 260k. We have offered 250 but they won't take it. Had a look at fixtures and fittings and don't think we can get any more than a grand out of them. Looks like we'll have to give up on this one!

ginvzt

jnote wrote: »

Yeah, we are in the midst of negotiations on a house where the sellers want 260k. We have offered 250 but they won't take it. Had a look at fixtures and fittings and don't think we can get any more than a grand out of them. Looks like we'll have to give up on this one!

Really, if they put the house for sale at £260k, they didn't expect to get anything above £250k?

Why would you want to pay £260k + 7.8k in stamp duty, when offering £250k, you only pay £2.5k? Even if you offered £251000, your stamp duty would be £7530, so just for sake of them getting £1k more, you would have to pay £5k more in taxes.

If they won't accept £250k, tell them you will pay £257500, if they will pay the stamp duty (which will be £7725, so they will end up with less than £250k in the result of it)

Jazzie99

ginvzt wrote: »

Really, if they put the house for sale at £260k, they didn't expect to get anything above £250k?

Why would you want to pay £260k + 7.8k in stamp duty, when offering £250k, you only pay £2.5k? Even if you offered £251000, your stamp duty would be £7530, so just for sake of them getting £1k more, you would have to pay £5k more in taxes.

If they won't accept £250k, tell them you will pay £257500, if they will pay the stamp duty (which will be £7725, so they will end up with less than £250k in the result of it)

We're looking to put our house on the market for £275k (2007 selling prices were around £300k). Would be happy to take £260k. Why should we have to take £250k... we didnt make up the stamp duty rules !!