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Private Part Exchange
Chris_C_4
Posts: 5 Forumite
Hi,
First of all I am new here and this site is proving its worth already.
My question is this:
We are currently looking to move house and one particular property we are looking at is saying part-ex considered (they have already moved and are looking for a smaller rental property). The asking price is about £40-50K above the 3% SDLT threshold.
If, by negotiation, our respective offer prices reduced to bring the price below this limit, would it be considered:
a) ILLEGAL!
b) Bad Form
c) Top Moneysaver.
I suspect a) but cannot find any information to say so.
Any help/direction would be appreciated.
First of all I am new here and this site is proving its worth already.
My question is this:
We are currently looking to move house and one particular property we are looking at is saying part-ex considered (they have already moved and are looking for a smaller rental property). The asking price is about £40-50K above the 3% SDLT threshold.
If, by negotiation, our respective offer prices reduced to bring the price below this limit, would it be considered:
a) ILLEGAL!
b) Bad Form
c) Top Moneysaver.
I suspect a) but cannot find any information to say so.
Any help/direction would be appreciated.
0
Comments
-
Someone on here said they have done this, but only by a reduction of £10k. If the Inland Revenue suspected you of deliberately reducing the price to evade tax they would not be impressed.
Reducing the price from £300k to £250k is a bit obvious IMHO, I doubt your solicitors would let you get away with it.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
correct. solicitors with not entertain obvious evasion. they cant by law.0
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Cheers for the answers, I guessed it would be a big no-no.0
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