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Stamp duty and part exchange
mmmsnow
Posts: 388 Forumite
Hi guys,
I've seen a nice new build house and want to make an offer. The builders are doing part exchange, which would make life a lot easier for us.
Anyway, the new build is priced at £256k and my flat is worth around £150k (part exchange price). Now, my question is: do I need to pay the 3% stamp duty on the new build or will the part exchange bring the price down into the 1% band?
Also, would it be possible to negotiate with the builder? They must know that the extra £6k would end up costing us £11k. These are the last two houses of this type on the development and they have been available for a while.
Has anyone been in a similar position? And if so, any advice?
I've seen a nice new build house and want to make an offer. The builders are doing part exchange, which would make life a lot easier for us.
Anyway, the new build is priced at £256k and my flat is worth around £150k (part exchange price). Now, my question is: do I need to pay the 3% stamp duty on the new build or will the part exchange bring the price down into the 1% band?
Also, would it be possible to negotiate with the builder? They must know that the extra £6k would end up costing us £11k. These are the last two houses of this type on the development and they have been available for a while.
Has anyone been in a similar position? And if so, any advice?
MFW 2019 #61: £13,936.60/£20,000
0
Comments
-
We got the builder to pay the stamp duty as part of the deal. It saved us a LOT of money.
Try that or negotiate them down to below £250k0 -
If the agreed price is above 250 you will pay 3%. A good reason to get them down to 250 (or less)!0
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