Are we asking too much?

SpiderWestCider

Hi, looking for some advice/opinions

Me and my OH are FTB we are looking at buying a new build with a small developer at 137,000 which is reasonable considering it's the last one and others in the road sold for 178,500! We have finally received our mortgage offer after 2 months of them messing us around. :j

Our problem is because our morgage has taken much longer than expected the lady in the sales office doesn't think they can fit the kitchen/bathroom and carpets before they break up for xmas (18th Dec). Although head office think they can!

We really need to be in before stamp duty comes back as we haven't budgeted for that! I have savings that will cover it but ideally don't want to have to use them.

Can we realistically either push them to fit the inside out before the 18th? or ask them to pay our stamp duty if they "can't" Solicitors see no problems in completing around then, it's just the developers as we see it being awkward!

Thanks

thriftyamy

did you pay a deposit when you reserved the house? that would give you some sway i guess

i can understand them not ordering any materials for the fit-out, being a small developer in this climate, until they get the OK from the mortgage company that things are going ahead.

have you looked into the rules with regards to exchange and completion crossing the stamp duty holiday end date? perhaps if you exchange contracts before christmas, all the figures will be agreed and fixed then...?

you can leave as long as you desire/need between exchange and completion so if so, problem solved?!

PasturesNew

"The effective date is normally the date of completion, not the date of
exchange of contracts. However, the effective date may be earlier than
the date of completion if the contract is substantially performed, for
example, if the purchaser takes possession or pays the purchase price in
advance of completion. "

Source: http://www.hmrc.gov.uk/budget2009/bn45.pdf

thriftyamy

^ that's still a bit confusing for me!

I still can't see a clear answer as to whether if the contracts are drawn up before christmas with expected completion after, if they're allowed to use the current thresholds?

PasturesNew

thriftyamy wrote: »

^ that's still a bit confusing for me!

I still can't see a clear answer as to whether if the contracts are drawn up before christmas with expected completion after, if they're allowed to use the current thresholds?

I read it as you'd need to complete/pay before the house was ready in order to get it through before the deadline of 31 December.

I know somebody else that's just been given the date of 18th, I thought at the time they'll not make it.... developers will be aware of the stamp duty dates though and implications. Get on the phone and nag the hell out of them, if they make you any promises get it in writing.

SpiderWestCider

Hi, thanks for your replies,

thriftyamy - we have reserved the house for £500.

I agree the Revenue haven't explained that well! But thanks for the link. The bank will not release funds until the house is liveable, feels like we're running in circles! We will be nagging them first thing tomorrow (they're closed today) atleast we have solicitors on our side :rolleyes: