Asking seller to pay stamp duty

lara15

We are wanting to buy a house which is valued at 280k mark (aiming to pay 265-270k) for it We have found a mortgage which is a great deal but we need 25% deposit to get it. This would not leave us any money for the crazy 3% stamp duty.
So the question is can we ask the seller to 'pay our stamp duty'? We would increase our offer to cover this (ie offer £273 which would give them roughly the £265 if they pay the stamp duty) but would still be in our 25% ratio with the bank.

If we lower our deposit to pay the stamp duty we would only be able to offer £255k (which I know they will not accept!)
I know that we will pay roughly £250 more in stamp duty and a bit more in solicitors fees but that is nothing compared to the savings in paying a mortgage with a 25% ratio.

We can afford to get a mortgage with the lower deposit but would end up paying LOTS more over the term.

What do you think?!

kingstreet

Sounds alright. You have to remember the surveyor has to value the property at the higher figure otherwise it all falls apart.

Make clear to the agents what you are offering;-

"£273,000 with vendor to pay stamp duty land tax of £8,190 on completion leaving £264,810 to be paid."

It has to be cleared by both solicitors and your mortgage lender will need to know about it.