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Avoiding stamp duty
Comments
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Nobody buys a property in the 250K-260K range unless they are a real mug.0
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Just sit tight, the seller will not be able to find anyone to pay £255k for the house given the threshold. They would have to be insane to do so.
Your offer will look tempting in a month or two when they realise how foolish they are (the EA should be telling them this anyway!).
Good luck.Thinking critically since 1996....0 -
Nobody buys a property in the 250K-260K range unless they are a real mug.
That would be the same mug who loses the opportunity of a house they really like for the sake of a very slightly higher offer? If the house is worth £265k to the buyer, why not go for it? Does it really make a difference if a very small slice of the price goes to the taxman or the seller?0 -
Wee_Willy_Harris wrote: »That would be the same mug who loses the opportunity of a house they really like for the sake of a very slightly higher offer? If the house is worth £265k to the buyer, why not go for it? Does it really make a difference if a very small slice of the price goes to the taxman or the seller?
Buyers who offer £250K-£260K really are mugs. Check on rightmove and findaproperty how many houses are stuck at 250 and ask yourself why there are so few in the £250K-£260K range.
For a first-time buyer, paying the seller 5K above the stamp duty threshold means paying the taxman £7,650 (thus £12,650 more than a purchase at £250K). For a non-FTB, it's £5,100 to the taxman, thus £10,100 more than a £250K property.0 -
SDLT only applies to bricks and mortar so you can agree a price of £250k and then agree a separate amount for fixtures and fittings which are not taxed like carpets, curtains, light fittings, garden sheds etc. The revenue will accept around £2-£3k for this without too much trouble but if you want to agree £5k then it has to be itemised and evidenced that its worth that at second hand value - so you could still buy the house at £250k plus £5k fixtures and fittings and still be taxed at 1% instead of 3% - if the fixtures and fittings was any more than this then it wouldn't work.
Hope that helps!0 -
255k/260k is for mugs...no one else would pay so why are you..look at rightmove to see how many 255k houses there are...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Some things that you may find about stamp duty is here0
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Some things that you may find about stamp duty is here
Except its possible the OP is looking to buy in the UK rather than Australia in which case they would be subject to UK rather than Australian stamp duty laws......0 -
. . . .and on the basis this thread is 6 months old I suspect they've already resolved the matter.0
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munroe- estate agent would of pre warned 255k was a bad price and most likely to be knocked down to 250k, a freind of mine had the same problem and brought the sellers ride on lawn mover as a seperate transaction for a price both where happy with, the house was then sold for 250k
im sure thats not the correct way to go about it but both parties got what they wanted,0
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