held to ransom by FTB

chivers1977

I think that the lender will have taken the incentive off the value. I know that surveyors have been instructed to deduct incentives to find the "true value". Up to you what you do............agree or walk away!

pawpurrs

I was just going to say what Chivers has just said, if thats the case you could say, that its fine you will give them the 5k reduction, but wont be able to pay the stamp duty if thats the case.

neas

I love it how the FTB is blamed for modifying the price exactly to what Halifax said the property was overvalued at... 5k.. they didnt try and get more or lie to you, and 5k in the grand scheme isnt a great deal with houses worth 300k + these days lol.

Nobody cried for the poor FTB when their First house went from 100k to 300k over 6 years..


Its the nature of this game at the moment, if i was a FTB i'd have made you squeal like a piggy, all fair in teh properdee game innit?

I'd have offered 10k off to start, then gazundered the 10k when the survey came in.. to buffet myself more :P

mlz1413

You agreed to £5k off the price due to stamp duty and then agreed a price on the house you are buying.

The FTB's valuation has come back £5k less then agreed price so they have asked if you will drop by that because if they are not being lent the £5k they probably don't have the cash to fund and so can't continue.

If you can't afford to fund the £5k drop and the next one up the chain can't/won't drop then the chain fails.

The FTB are not holding you over a barrel because they want to it's because they can't afford your house. They would be holding you over a barrel if they could afford it but just didn't want to pay the difference.

I know its hard when you've found somewhere you like but I would accept that if the people your buying from don't drop to let the chain fall through. No point in breaking yourself and the loss of the survey is part of house buying, you really should have waited until yours had been done to avoid the situation you are in now.

silvercar

chivers1977 wrote: »

I think that the lender will have taken the incentive off the value. I know that surveyors have been instructed to deduct incentives to find the "true value". Up to you what you do............agree or walk away!

Totally agree. The valuer isn't stupid, you paying the stamp duty is the same as knocking £5k off the price. Whether you throw this back at the buyers is upto you.

You could talk to them and tell them you have been told that the value came back 5k lower precisely because you are paying the stamp duty and therefore you don't feel you can reduce the price by the full 5k.

superfran_uk

How is the stamp duty 5k? If it was 1% on a house of 249,999 it would be £2,499. If it was 3% on a house of 250,000 it would be £7,500.

So technically it's impossible to be charged £5k for SDLT.

What is the price of the house?

gelato_cat

She said she offered to pay "£5k stamp duty", not "the £5k stamp duty". It looks to me like the house is just over £250k, maybe £260k? So the OP paying £5k contribution to the stamp duty means the buyer is effectively paying 1% stamp duty as opposed to 3%. I agree this explanation seems a bit convoluted and it would be easier not to offer anything towards the stamp duty at all if the price is that close to the threshold.

Suze

superfran_uk wrote: »

How is the stamp duty 5k? If it was 1% on a house of 249,999 it would be £2,499. If it was 3% on a house of 250,000 it would be £7,500.

So technically it's impossible to be charged £5k for SDLT.

What is the price of the house?