Stamp Duty

howsoonisnow

Due to complete purchase on 17 December. No chain for us or vendor. Our solicitor says last date for completion before Stamp Duty deadline (i.e. sale price is below £175k) is 22 Dec, so I've opted for 17 Dec to allow for last minute hitches.

Can I make it a condition of sale that the other side pays our stamp duty if through *their* fault (i.e. vendor or their solicitor) completion does not take place until January? In a similar vein can I insist that *our* solicitor compensates us to the value of the stamp duty if it through their fault completion does not take place until January?

If this is possible how should I go about negotiating agreement to it?

bryanb

You'll be lucky! But give it a try.

lincroft1710

Your solicitor will probably refuse to be bound by such a condition. Your buyer will probably refuse to be bound by such a condition. Your buyer's solicitor will probably refuse to be bound by such a condition.

But there's no harm in trying as long as you don't alienate your buyer.

Sp3no

Offer accepted on the 14th OCtober, We were due to exchange on the 4th December with completion on the 11th, it never happened, we are being stalled over and over. The seller was moving into rented but at the last min (less than 2 weeks ago) we was informed that they were purchasing!!
We are FTB and cannot afford the stamp duty so tomorrow i will be calling my sol and informing them that unless this sale completes 11th december i want a £1500 deduction from the purchase price to cover stamp duty or im happy to walk and i am not bluffing i will walk because i will have to. We put the offer in because of their circumstances which they have now changed so its only fair to expect that we are annoyed with what has happened

Richard_Webster

Even if you get £1500 off the price it could affect your mortgage as it will increase the loan to value ratio so you may actually need more than that off to compensate you for the extra cost.

PottyHouse_2

Sp3no wrote: »

Offer accepted on the 14th OCtober, We were due to exchange on the 4th December with completion on the 11th, it never happened, we are being stalled over and over. The seller was moving into rented but at the last min (less than 2 weeks ago) we was informed that they were purchasing!!
We are FTB and cannot afford the stamp duty so tomorrow i will be calling my sol and informing them that unless this sale completes 11th december i want a £1500 deduction from the purchase price to cover stamp duty or im happy to walk and i am not bluffing i will walk because i will have to. We put the offer in because of their circumstances which they have now changed so its only fair to expect that we are annoyed with what has happened

We are in the same position and having waited very patiently for a week and our EA constantly ringing those below and below in the chain we have got nowhere - we finally decided yesterday we have had enough and are going to ask same of our Buyers (as it is their Buyers that has caused the holdup) - we are not bluffing either, if they cannot come up with a date or the extra money we would have to pay, we are going to pull out - especially as we accepted a lower offer so that we could "guarantee" completion by 31st December - what a joke !
Same again with you, circumstances changed mid-way after agreeing original terms back in July ! Glitch then in September but everyone said a completion by end December was very reasonable.
What a laugh - you have to - or you'll end up going insane !!!:rotfl::rotfl:

stevieboy308

howsoonisnow wrote: »

Can I make it a condition of sale that the other side pays our stamp duty if through *their* fault (i.e. vendor or their solicitor) completion does not take place until January?

If this is possible how should I go about negotiating agreement to it?

i did, but i made it a condition of our offer 10 weeks ago, exchanged last wednesday, complete on the 17th.

steve