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Reducing to Stamp Duty threshold

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Comments

  • Yorkie1
    Yorkie1 Posts: 12,085 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    lessonlearned wrote: »
    It's perfectly legal.

    Most developers offer some form of incentive, have done for yonks. Lenders accept and understand this.

    I've seen the £1K legal incentive scheme used a lot lately in the resale market in our area.

    I have friends marketing a property at £285K, they are offering a deal with stamp duty.

    Discuss this with your EA.

    Yes it is legal but, other than in the situation where the seller is a developer, lenders will refuse to provide a mortgage where there is a vendor gifted deposit - which such 'deals' or 'incentives' are.

    So it just gets people's hopes up, only to be dashed when the buyer cannot secure a mortgage.
  • lessonlearned
    lessonlearned Posts: 13,337 Forumite
    10,000 Posts Combo Breaker I've been Money Tipped!
    That's interesting thanks. I will check this out because my sons are interested in a property which is proposing to offer this incentive.

    I will dig deep and double check.
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