Stamp Duty FTB

stinkypluff

We're looking to buy a new build, have applied for homebuy and a the mortgage has been provisionally accepted :j

The new build should be ready end of march/ beg April and I wondered when we would have to complete to avoid paying stamp duty?

Yorkie1

Last working day is 23rd March.

I think you should budget to have to pay it; I realistically can't see you managing this.

brit1234

I would factor it in.

I take you pay stamp duty for the full cost including equity loan?

IveSeenTheLight

stinkypluff wrote: »

We're looking to buy a new build, have applied for homebuy and a the mortgage has been provisionally accepted :j

The new build should be ready end of march/ beg April and I wondered when we would have to complete to avoid paying stamp duty?

What's the value of the property?

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/TaxOnPropertyAndRentalIncome/DG_4015918
First-time buyers

If you are a first-time buyer the threshold for when you start to pay SDLT is £250,000. This is only if you have never owned a house or flat in the UK or anywhere else in the world. If you are buying with someone else they must never have owned property before either. This higher threshold applies to purchases made on or after 25 March 2010 and before 25 March 2012.

ChrisLUFC

We had an offer accepted on an old build at the end of last week, small chain, but still not hopeful it will go through in time.

brit1234

I think first time buyers will get better deals after March, sellers can hold buyers hostage before this.

IveSeenTheLight

brit1234 wrote: »

I think first time buyers will get better deals after March, sellers can hold buyers hostage before this.

Why do you think this?

ChrisLUFC

brit1234 wrote: »

I think first time buyers will get better deals after March, sellers can hold buyers hostage before this.

Not true in my case thanks, i used this as a reasoning behind my offer, the EA had forgotten about this until i had mentioned and made my offer sound reasonable.

stinkypluff

The house is 180K and as yet haven't knocked them down. Brit -- yes we're hoping to have the equity loan too.

I've been put under the impression that FTB's and new build complete very quickly - Is this not the case?

Brit - what's your reasoning behind... I think first time buyers will get better deals after March, sellers can hold buyers hostage before this.
???

GAH

timmyt wrote: »

wrong, you are a day too early. midnight on 24th March is the last date...check out http://www.hmrc.gov.uk/sdlt/intro/rates-thresholds.htm

"First time buyers
The first time buyer's £250,000 threshold applies from 25 March 2010 up to 24 March 2012 inclusive."

24th March is a Saturday, never heard of a solicitor working on a saturday to complete.

rpc

timmyt wrote: »

wrong, you are a day too early. midnight on 24th March is the last date...check out http://www.hmrc.gov.uk/sdlt/intro/rates-thresholds.htm

"First time buyers
The first time buyer's £250,000 threshold applies from 25 March 2010 up to 24 March 2012 inclusive."

It may be, but 24th is a Saturday so the quoted poster was correct that "the last working day is 23rd March". I haven't yet met a solicitor that will complete on a Saturday.