stamp duty

hoskins

The house we want to buy is 260k, as the stamp duty jumps up to 3% on anything over 250k is there a way(legal) out

deemy2004

Yeh price up fixtures and fittings, if its reasonable that their value is £10k then that could be taken off the price.

dougk_2

Have you made an offer yet? If not offer £249k
Many sellers overprice the house expecting to get less. Don't forget other buyers will be thinking the same as you and not wanting to pay 3% stamp duty.

I managed it last time by "buying" the two sheds, garden tools etc separetely (that was when the house was £65k , so paid only £59k!)

kinster_2

The inland revenue checks up on this regarding properties around this price range

John_M_Business

If you can justify the additional costs... then you're fine. For fixtures and fittings you can make most properties 'give' at least £5k - depending on what you cost. Even carpets and switches can be costed. Worth discussing with the Estate Agent / seller (if the seller leaves some white goods, then all the better - even if you end up disposing of them / selling them second-hand).

But, the other poster is absolutely right. Why not offer £249,999 - see what happens? It's not ridiculously lower than the asking price.

hoskins

Thank you all for your very valuable advice

mini

Our local estate agents recommend pricing around £275,000 if you want to get £250 for a property for that reason, obiously you may not live by me but I am sure it goes on elsewhere, not many houses for sale here between £275 - £350,000 we looked at an investment oppurtunity at £220,000 the advice we got because of the money it needed spending on it would take it over £250 but then it would be difficult to get people to pay over that price just because of stamp duty.

mini (who spends too much time chatting to estate agents)

garysletters

Another way of doing it, without the IR chasing you is to put in an offer above £250K, but ask that the vendors pay the stamp duty (or contribute towards it).
The vendors and estate agents will be very aware that most buyers wont go over £250K, so if you offer lets say £255K, and agree (as part of the contract) that the vendors pay a few £000 of the stamp duty, then all parties are happy.