Offering A Buyer Incentive

senses

We have had out flat on sale for a few months and had a couple of viewings then after decreasing the price we have not had any more. We are going to speak to the Estate agent about what they think is the problem although as there are a lot of flats on the market which are similar, we're not sure it is because the Estate Agent isn't pulling their weight. We reduced the price to £132,000 to make it more competitive against other flats but we think it could be the stamp duty that is holding us back.
We've seen properties advertised as 'stamp duty paid' and were wondering what we would need to do if we were thinking taking this approach and the legalities of it.

Paully232000

I have seen a few similar questions over the months I have been an avid reader of this part of the forum and you could post a link to the house if you wanted and people can give opinions on why it may not be selling. May not be price could be something else?

kingstreet

If you offer a vendor incentive, such as stamp duty paid, the lender providing the purchaser's mortgage will simply deduct it from the property value, so you might as well save yourselves the aggro and do the same, at point of sale instead!

tim123456789

You might find that advertising it as "stamp duty paid" works

and awful lot of people are put off by the thought of paying this "tax" when at this level it doesn't actually make much difference.

tim

Windsorcastle

I did this, with the proviso that the stamp duty would only be paid if someone offered the full asking price. As it was, I accepted an offer several thousand below the asking price so obviously didn't offer to pay the stamp duty as well. It's a case of swings and roundabouts. Difficult to know whether it entices people or not.

Yorkie1

kingstreet wrote: »

If you offer a vendor incentive, such as stamp duty paid, the lender providing the purchaser's mortgage will simply deduct it from the property value, so you might as well save yourselves the aggro and do the same, at point of sale instead!

KS, are some lenders now prepared to offer where there are vendor gifted deposits (ignoring the developer vendor)?

I have always read on here that since the last lender (Halifax ??) withdrew from the market over a year ago, no lenders were prepared to offer where there was a vendor gifted deposit.

kingstreet

I don't know of any lender involved in vendor gifted deposit business today. That's not to say it isn't happening, but I haven't heard anything from other contacts and I reckon it would have come up on M&E by now.