How to get around Stamp duty?

Peelerfart

Jazzie99 wrote: »

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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 !!

No-one said you should have to take £250K.

It's the legal limit for stamp duty which quite a few people have to pay.

Evilm

lisyloo wrote: »

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.

I wouldn't recommend going down the fixtures and fittings route, as the above poster said they are cracking down.

If they won't budge the price then you only have two choices: ask them to give you £5k in incentive (which they won't) or bite the bullet and paid it.

We had to do the same when we bought but the house was worth it.

jnote

Yeah, the only reason we are still in negotiations is that 260k is not their asking price, they are just willing to go down to that as they have found a place and don't want to lose out. Their original asking price was £289,950. It was quite overpriced though!

Wutang_2

regularsaver1 wrote: »

advice can not be given from this site!

Wrong:

I advise Fees Free Mortgage Man to do one or else he gets a WuTang FingerJab

ginvzt

Ok, I assumed the asking price was £260k, in which case, seller probably would have expected to get £250k. If the asking price was £290k or £275k, i would not expect to get that house for £250, and as I was looking into that bracket anyway, I would have been expecting to pay 3% stamp duty.

beecher2

Wutang wrote: »

Wrong:

I advise Fees Free Mortgage Man to do one or else he gets a WuTang FingerJab

He posted 6 years ago, so I think you're a bit late with the jabbing.

I hate it when old threads get dredged up

jnote

Yeah, totally fair of them. I think we're gonna leave it at 250k though and if we lose it, we lose it. I just don't think the house is worth 260k(+7800 SDT). You never know they might want the other house so bad they'll go down some more!

Thrugelmir

Jazzie99 wrote: »

[/B]


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 !!

Then be prepared for a long wait to sell your house. While you might take £260k, buyers are better off buying somewhere cheaper. As a 2% differental makes little sense to pay.

Thrugelmir

bunny wrote: »

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.

Better off buying a smaller property thats suitable for extending. Use the stamp duty sab=ved towards the building work.