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Completion/Ezchange contarcts?
cornishtaz
Posts: 8 Forumite
My wife and I will be buying our 1st house in the next 4 months. Now I know stamp duty(threshold back to £125000) and VAT( back to 17.5%) are both changing 31st Dec 09.
My question is to avoid paying stamp duty on a property worth £160000, could I complete before end of Dec and exchange contracts at end of Jan? This is when I get a large payout from my job as this is going to be my deposit.
My question is to avoid paying stamp duty on a property worth £160000, could I complete before end of Dec and exchange contracts at end of Jan? This is when I get a large payout from my job as this is going to be my deposit.
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Comments
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This is temporal dislocation. You could collect your winnings from the horses in December and take the stake from the proceeds to place the bet in January. But you would do better to exchange before you complete.cornishtaz wrote: »My question is to avoid paying stamp duty on a property worth £160000, could I complete before end of Dec and exchange contracts at end of Jan? This is when I get a large payout from my job as this is going to be my deposit.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
oops sorry got it the wrong way round0
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I think stamp duty is payable on completion. So if you are confident of your payout, you could consider taking a short term loan. But take care that the interest does not wipe out your SD gains.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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That is correct.I think stamp duty is payable on completion.0
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