Paying Stamp Duty - has anyone done this?

Rachel85

OH and I are about to put house on the market. Have 2 agents coming to value this week, but can have a fairly educated guess. The house next door has recently sold for just under £125k. Ours is a little bigger and has a slightly nicer kitchen and bathroom. I think ours is worth around £130k, however because of Stamp Duty, I don't think anyone will pay this, especially as it is a first time buyers house.

So, has we have money in cash waiting to move house I thought we could offer to pay stamp duty for the buyer (if we get the right price, obviously over £127k or its not worth while to us). Thus, for any offer over £127k we're in profit.

What do you think? Could it work? I don't want to look desperate or as if there's something wrong with the house...

vicker

I'd wait and see what the agents say TBH as they'll be able to tell you what the markets like in your area.

Is it worth trying to sell first without offering stamp duty paid and see what happens? Or are you in a rush to move?

Don't forget though, it's more money in the EAs pocket if you have a higher asking price. Do your sums carefully and put yourself in the FTBs shoes when deciding on an asking price.

Jorgan_2

I have done this for a client in the last week. Put the house on the market for an asking price of £129,950 with vendor to pay stamp duty (subject to condtions). Conditions being the vendor has to achieve over a certain price. House was on the market for a week, offer of £129k was accepted.

Find out what the market is doing in your area & if anyone else has been successful in doing this. This was the first one we had tried at £125k, the house was in very good condition & in my opinion worth the extra money.

As for the comment about a higher asking price giving more money in your EA's pocket, getting an extra £3500 for your property will cost you an extra £52.50 + VAT, assuming 1.5% fee.

Best of luck with what ever you decide.