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Return of stamp duty

CarolineK_2
Posts: 2 Newbie
Hi - can anyone help out with this one? We're looking to buy a house at £149k. We're told by the estate agent that as long as we exchange before Christmas, we won't have to pay Stamp Duty. The solicitor disagrees and says we have to complete. We can't really complete in that time frame as the propety has a sitting tenant in at the mo.
Anyone had experience of this?
Anyone had experience of this?
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Comments
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Mmmm///who to believe?0
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Going through a similar thing, and when I spoke with my solicitor this morning I was also told that it is at completion, and not exchange when stamp duty is liable to be paid. I know who I trust more between the solicitor and the estate agent. Remember, the solicitor is working for you, the estate agent is working for the vendor, thus they don't have your interests at heart.
Actually a quick edit; if the EA is certain that stamp duty is paid on exchange and not completion, then get them to sign a contract saying they'll pay it if they are wrong. I'm pretty sure they'll quickly make their excuses0 -
Hi,
Again - Im going through similar and desperately trying to COMPLETE prior to Christmas. Both my Estate Agent and Solicitor have confirmed that for me....
Sorry the news isnt more hopeful!0 -
There's always a loophole......I'm proud of my advice, if others want to look I say enjoy the show!0
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Thanks all and indeed, who to trust? I think there are loopholes such as laying down more than a deposit on exchange, making it a 'substantive agreement' but it all sounds a bit risky to me.
Think we better get saving up for the new year! Thanks for the help.0 -
Applying some amateur logic here, my understanding is that the liabililty for SD arises when the land is transferred i.e. on completion. An exemption can only apply when the liability arises, so again that would be completion.
No SD is payable is on exchange and if there is no liability, there can't be an exemption, so it would seem to follow that completion is the key to the exemption.
Might be worth listening to the pre-budget speech on 9 December to see if the exemption is extended, though.Warning ..... I'm a peri-menopausal axe-wielding maniac0 -
oh OP, please, do try to get the EA to sign a contract saying they'll pay your stamp duty if they're wrong... and then secretly video them wriggling.
I really can't believe that they would say that, I know that some EAs are morally dubious, but outright lying like that... Or maybe you could get in touch with their superior and tell them their EAs don't know as much about the housing market as they might like to think!0 -
I think the thing to do is write a letter to the agent, copy to solicitor, recording the fact that agent advised SD liability arises at exchange and not completion and clarify that the offer is subject to seller taking responsibility for SD. Agent is employed by seller afterall.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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Proabably a non starter and too risky but could you not formally complete before Dec 31st but agree to move at a later date?0
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Proabably a non starter and too risky but could you not formally complete before Dec 31st but agree to move at a later date?
You can formally complete anytime you want within reason, subject to the current owners/chain of course.
If you don't move in straight away then the property will just remain empty.
If you are selling as well this may inconvenience your buyers unless you move into temporary accomodation.0
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