New Build flat in London, stamp duty 'gift'??

vfv

After looking at the market for the past 6 months or so I have decided to put an offer for an off plan 2 bed in London with Telford Homes.

Luckily there have been many recent developments in the area I am looking, so there is a wealth of information regarding recently sold prices on Zoopla to determine the market value of the property.

I noticed though (that’s through lurking on this forum, so thanks for the advice everyone) that the prices reported to Land Registry can be inflated by stamp duty ‘gifts’, ie a property reportedly sold for £300k may have come with ‘free’ SD of ~£9k, so effectively sold for £291k not £300k.

How widespread is the practise? Has anyone negotiated ‘free’ SD for London flats with either Telford homes or the bigger developers? There is nothing suggesting any contribution towards SD in the developer’s website btw, though it seems from other posters that some developers may do this in a hush-hush manner?

Any other experience negotiating/buying with Telford will also be much appreciated!

Thanks

princeofpounds

Nowadays there is a legal obligation to report such things to the lender and the land registry.

Prior to the crisis a blind eye was turned to it, and it was a common trick.

Now, I don't know how good the enforcement actually is, but it's certainly a lot better.

vfv

Thanks pop, I guess I can always assume it is possible to negotiate for stamp duty and find out whether or not they are willing to throw it in the deal.