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fixtures & fittings ...opinions please
pandhandj
Posts: 16 Forumite
Hi all,
had an offer verbally accepted on a house last night. Vendor stated that they were happy to take 174,999 for property and 9K for "fixtures and fittings" making a total of 184K and therefore no stamp duty.
Is this legal?
My Solicitor is out of the office today, so cant discuss it with him till monday.
Does anyone know the legality of this, as i'm not so sure. Seems a more than a bit fraudulent to me!
cheers,
pandhandj
had an offer verbally accepted on a house last night. Vendor stated that they were happy to take 174,999 for property and 9K for "fixtures and fittings" making a total of 184K and therefore no stamp duty.
Is this legal?
My Solicitor is out of the office today, so cant discuss it with him till monday.
Does anyone know the legality of this, as i'm not so sure. Seems a more than a bit fraudulent to me!
cheers,
pandhandj
0
Comments
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Your solicitor should be wary of doing this. These transactions are subject to more scrutiny than in the past, and really you shouldn't pay more than £1-2k for fixtures and fittings this way. Can £9k be justified? What does it include and what's the quality like?0
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It's legal in the sense that you can pay for F&F outside of the house price itself, and this can get you below the stamp duty barrier.
However, the inland revenue have total discretion over the amounts that are reasonable, and if they view it as unreasonable they can prosecute for stamp duty evasion.
If I recall correctly, it's often difficult to get away with more than 1-2k on F&F. 9k I think there is little chance if they find out about it.0 -
Surely it would depend on what the fixtures and fittings are?
If for example, the property was properly renovated and restored to a certain period... for example.. Victorian.. the doors/fireplaces/radiators/flooring/lighting... can easily amount to 9k? And in excess of?
Just a thought.... so what is the 1-2k limit?:cool:0 -
Hi all,
had an offer verbally accepted on a house last night. Vendor stated that they were happy to take 174,999 for property and 9K for "fixtures and fittings" making a total of 184K and therefore no stamp duty.
Is this legal?
My Solicitor is out of the office today, so cant discuss it with him till monday.
Does anyone know the legality of this, as i'm not so sure. Seems a more than a bit fraudulent to me!
cheers,
pandhandj
You haven't a hope in hell of doing this.
Your solicitor will not be a party to evasion of stamp duty.
What are the F&Fs? A few second hand carpets and curtains?0 -
We paid £1k fixtures and fittings & our sellers were soooo nervous. They kept saying they didn't want us to get into trouble because we were a lovely couple and ended up throwing in loads of additional fittings & provided out solicitor with an indexed catalogue of what was included and why it was worth £1k
... Bless .... We appreciated the thought of course; lovely people!! But our solicitor thought it was hilarious ... 0 -
'Fixtures and Fittings' is not really a very good term.
Many think 'fixtures' to include kitchen units and such which of course are part of the house and land so incur Stamp Duty.
If anyone can get a comprehensive list from the Inland Revenue I would like to know as I never could despite calling the Stamp Duty Helpline more than once.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
We paid £1k fixtures and fittings & our sellers were soooo nervous. They kept saying they didn't want us to get into trouble because we were a lovely couple and ended up throwing in loads of additional fittings & provided out solicitor with an indexed catalogue of what was included and why it was worth £1k ... Bless .... We appreciated the thought of course; lovely people!! But our solicitor thought it was hilarious ...
:rotfl::rotfl:
£1k = no problem.
£9k = no chance.0 -
Dippychick wrote: »Surely it would depend on what the fixtures and fittings are?
If for example, the property was properly renovated and restored to a certain period... for example.. Victorian.. the doors/fireplaces/radiators/flooring/lighting... can easily amount to 9k? And in excess of?
Just a thought.... so what is the 1-2k limit?
Surely when you buy a property, the doors, radiators and fire places are included in the price of the house?!!! They always were when we previously bought.
To me paying extra for fixtures and fittings would be curtains, carpets, light fittings and any free standing items say in a kitchen that were to be left. Asking £9000 seems like hell of a lot, and I would wonder what this was for, and if it could be replaced for less. Can the OP let us know what exactly is included in this price please? It all seems very dodgy to me, and the seller trying to pull a fast one.
"Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.0 -
On paper it is possible, executing it is likely to bring you under the scrutiny of Her Majesty's finest jobsworths.
The term fixtures and fittings can't be used - you would need to use the term furnishings or similar.
There must be a comprehensive list of each item and its cost.
The value of each item must match what could be obtained by selling the item privately (small classified ads/car boot/ebay).
In short, you'd never be able to justify the cost of the list of things -v- the amount you are trying to reach.0 -
Would you say that £7250 is pushing it?0
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