Probably a very silly stamp duty question...

lizzielondon

sorry if this is a silly question which it obviously it

my friend is a FTB and she wants to put an offer in on a repo - estate agent says bank has to have all final offers by 10am tomorrow (can anyone confirm if this sounds right?- we don't know anyone else who has bought yet)

estate agent has said there is an offer on the table of 245,000

to avoid stamp duty does she put an offer in of 249,999? or is it 250,000 exactly?- we've both googled it and can't work it out lol

thanks all!

Sammy85_2

As i understand it: £250000 is the limit. £250000.01 would incurr stamp duty.

timmyt

Sammy85 wrote: »

As i understand it: £250000 is the limit. £250000.01 would incurr stamp duty.

correct answer

davethetaller

lizzielondon wrote: »

sorry if this is a silly question which it obviously it

my friend is a FTB and she wants to put an offer in on a repo - estate agent says bank has to have all final offers by 10am tomorrow (can anyone confirm if this sounds right?- we don't know anyone else who has bought yet)

estate agent has said there is an offer on the table of 245,000

to avoid stamp duty does she put an offer in of 249,999? or is it 250,000 exactly?- we've both googled it and can't work it out lol

thanks all!

Just a small fly in the ointment; bear in mind that the bank are not obliged to go with the highest offer.

They may wish to go with a slightly lower offer, with someone who is able to move quickly, without any constraints, eg.cash buyer.

But I guess, as a FTB, with mortgage guarantee in place,your offer is better than most.

Good luck with it.

dopester

lizzielondon wrote: »

estate agent has said there is an offer on the table of 245,000

to avoid stamp duty does she put an offer in of 249,999? or is it 250,000 exactly?- we've both googled it and can't work it out lol

Your stamp duty question has been answered below, but I have to add.... I wouldn't believe a word of what the Estate Agent has said about an offer on the table for £245,000.

In a process like this, with offers to be in at a set time (10am today).. well I think you're being played by the EA if he's telling you the highest offer they've supposedly had so far. It could be honest but the EA is really influencing offer amounts by divulging certain info - whether it's true or not.

lizzielondon

thanks all, she decided not to go for it in the end estate agent was pushing too much

thnaks anyway x

lizzielondon

davethetaller wrote: »

Just a small fly in the ointment; bear in mind that the bank are not obliged to go with the highest offer.

They may wish to go with a slightly lower offer, with someone who is able to move quickly, without any constraints, eg.cash buyer.

But I guess, as a FTB, with mortgage guarantee in place,your offer is better than most.

Good luck with it.

ha she's a ftb & a cash buyer :eek: sooo jealous (in a friendly way lol)