Stamp Duty Threshold Increased to £125,000

[Deleted User]

Morph, I think your solicitor is just being lazy...

Jay1b

Well the house i'm buying is currently going through at £125500....

Obviously i am going to try desparately to get this changed to £125000 and £500 for the curtains, oven, carpets which they're leaving anyway. The contracts havent gone through yet, so fingers crossed.!

So this could potentially save me £1250

MORPH3US

Jay1b wrote:

Well the house i'm buying is currently going through at £125500....

Obviously i am going to try desparately to get this changed to £125000 and £500 for the curtains, oven, carpets which they're leaving anyway. The contracts havent gone through yet, so fingers crossed.!

So this could potentially save me £1250

Jay1b, let me know how you get on!

My solicitor seems genuine enough so don't want to disbelieve her, but if it saves me £1260 then its worth a try!

M

Jay1b

Well the solicitor said it shouldnt be a problem. But i've yet to speak to the estate agent, who will in turn speak to the vendors (my estate agent is off today).

Why £124000 and not £125000? £1K is more believeable then £1.5K for f&f. You could also offer to pay them part cash, say between exchanging the contracts and getting the keys.... bit risky i know...but hey?

MORPH3US

Jay1b wrote:

Well the solicitor said it shouldnt be a problem. But i've yet to speak to the estate agent, who will in turn speak to the vendors (my estate agent is off today).

Why £124000 and not £125000? £1K is more believeable then £1.5K for f&f. You could also offer to pay them part cash, say between exchanging the contracts and getting the keys.... bit risky i know...but hey?

Would £125,000 mean that I def didn't have to pay stamp duty? I thought £124,999 would have no SD and £125,000 would.

If £125,000 = no SD then I will speak to vendor (via EA) and offer them £125,000 and then offer to privately buy oven, curtains and carpets (garden shed?!?) for £1000!

Keep me updated on how you get on speaking to your vendor if you don't mind!

Cheers

M

Doozergirl

£125,000 will be no Stamp Duty, £125,001 you will have to pay Stamp Duty.

royalsteve

Twopints wrote:

I may have misunderstood your post, but isn't it the buyer that pays stamp duty ?

Depends, the seller can pay it so looks attractive to sellers......but its added to the price.....like buying a £8000 car with £500 of extras thrown in free....but in reality the car is only worth £7500 anyway

royalsteve

MORPH3US wrote:

Gutted, just had a reply back from the solicitor that said that stamp duty is also payable on fixtures and fittings and that basically, short of renegotiating the price with the vendor we can't do anything.

Thought about going into EA and asking if we could re-offer £124,500 and then make a payment of £1500 on the side but I imagine the EA would blow that out of the water if it meant them getting less comission!

M

you could try renegotiating and for the sake of £505, the seller may take it......but if not you risk losing the house for approx £1500.

CD_Man

Sorry, I was caught up in the moment of having good luck - I am buying a flat and had my offer of £123k accepted last week so I wont have to pay the stamp duty but thanks for all saying that the seller should up the price etc, your all evil and twisted! ha ha

Tassotti

This is the point though. I think anyone buying at this price is going to be worse off.

eg property asking price 125K, expecting max of 120K as no one in right mind would pay just over Stamp duty limit.

Now spin by EAs say higher SD threshold has increased property prices. The 125K property now valued at 130K, expecting 125K (5K worse off)

Tass