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Buyer wants to do something odd with stamp duty
Comments
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Yes we would have accepted £422,000. I posted just to see if anyone had heard of this way of doing things and could highlight any problems/benefits. I'm curious and wondered if anyone could explain why an offer might be made in this way.0
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Not sure
sounds like as GG said - making their offer sound more attractive0 -
I'd try for a little more. Offer to pay half of the SD.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Yes, if no one knows any other reason, that must be it. I think we'll say we'd rather accept a straight 422 as that will cut or fee to the EA a bit - otherwise we'd be paying their fee on 435.
Thanks all - odd, isn't it! But it's better than a previous move where the woman at the head of the chain had to get court orders each time something needed signing by her husband. He was in prison for trying to murder her in the bath. Unfortunately, I'm NOT joking!!!0 -
GG - we may well but all the other EAs valued it at 400 tops. Houses in this road hardly ever come up. The buyers know we won't move unless we find the right place so they may be prepared to up it later if it's either that or we can't buy a house we want and have to stay here.0
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PF
Best wishes with your move.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Both you and the buyer win if you sell at £422000 and they pay the tax.
If they pay you £422000 then pay 3% stamp duty of £12660, they pay a total of £434660, saving £340 on your asking price.
If you sell at £435000 and you pay stamp duty of £13050, you end up with £50 less at £421950. I'm not sure af the legality of this though as the payment of the duty is the responsibility of the purchaser and this method may be construed as avoidance of paying the full tax I would seek legal advice before agreeing to the buyer's request.0 -
Maybe they don't have the cash to pay the stamp duty ??0
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Yes. I think I have to get back to the EA and find out. I'm just bothered that there's a catch somewhere that'll bite us on the bum later.0
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In a nut shell they made you a low offer then they made you a higher offer...0
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