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Stamp Duty
mp86
Posts: 35 Forumite
Hi all,
do you pay stamp duty to your solicitor on completion with the remaining funds for the purchase?
completing in a few weeks after 1.5 years of purchasing headaches and 2 houses letting us down.. there is light at the end of the tunnel! :j
do you pay stamp duty to your solicitor on completion with the remaining funds for the purchase?
completing in a few weeks after 1.5 years of purchasing headaches and 2 houses letting us down.. there is light at the end of the tunnel! :j
Regards,
M
M
0
Comments
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Yes. Normally prior to completion as solicitor has to have cleared funds in hand, especially if there's a mortgage involved.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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thank you!Regards,
M0 -
Not true, I just set up my mortgage today and I asked the same, it does not matter to them if you or your solicitor pays it, the solicitor probably just wants the money upfront as they don't have to worry about anything. I also asked my solicitor the same and they said they would prefer money upfront but it's not the law to give it to them to complete...0
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Oh ok, thank you!Regards,
M0 -
Deleted_User wrote: »Not true, I just set up my mortgage today and I asked the same, it does not matter to them if you or your solicitor pays it, the solicitor probably just wants the money upfront as they don't have to worry about anything. I also asked my solicitor the same and they said they would prefer money upfront but it's not the law to give it to them to complete...
Hmm. Only if you find a solicitor willing to take a risk. The CML Handbook (which are the solicitor instructions for most lenders) says:
You are only authorised to release the loan when you hold sufficient funds to complete the purchase of the property and pay all stamp duty land tax and registration fees to perfect the security as a first legal mortgage or, if you do not have them, you accept responsibility to pay them yourself.
If it's a cash purchase then it's up to you.0
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