Stamp duty overhaul

Incris

Am glad this is being reformed but wondering if this is potentially bad for me personally at the moment.

I am buying right at the old 1% limit which by my reckoning makes me no better or worse off. The vendor has been very slow and as a result the sale is likely to drag on until March. But my concern is that now that they will withdraw on the assumption the property will rise in value and this move may stimulate the market. Am I crazy ?

Demonic

Well, I'll be heading up to the site office of my new build development tomorrow and asking how much of a sweetener the developer is going to give me.

One of the "initiatives" was that the developer would pay the stamp duty on our £270K new build. We've exchanged already so, if I'm reading this correctly, I (as the purchaser) can choose which system to use. As the new system will result in £4601 less I am expecting at least half of that back. Call it a good will gesture. If they don't want to give me any then I'll just opt for stamp duty by the old system and see where that takes us.

forumboy

I'm absolutely devastated by the news. I'm £4500 down after paying £8250 SD on a £275k purchase which was completed less than 2 weeks ago. This actually makes me feel sick inside. Can anything be done about this? A process whereby you can re-coup a certain % of what you've paid depending on when you completed would have massively softened the blow. e.g. 50% refund on completions within the last month, 30% within the last 3 months & 10% within 6 months or something similar. I've spend everything I have on this purchase and stretched massively to buy my family the dream home and financial it's put a strain on the family. Can anything be done?

Kynthia

diddy6662009 wrote: »

Chump...hardly. I have literally only just paid the duty i.e 2 months ago paying the 1% stamp duty...not 1980 2007......its about being realistic. Obviously going way back is a given, but some do offer claim backs for this sort of thing within a REASONABLE timescale. Read the post....only just paid it!!
Would just be good but its highly unlikely given this government.....just annoying esp when its now so low..!!

I know it's not nice to miss out on a big saving. I personally spent thousands more than the new scheme now requires only this year. However there has to be a date that these things are implemented and they can't be backdated. Even if you decideded on a reasonable timescale that it could be backdated to there would be people who completed the day before that date who feel cheated.

Think about the people who were discussing completion dates and had a couple of dates acceptable to all, but decided on last Friday instead of this Friday for some reason.

googler

forumboy wrote: »

I'm absolutely devastated by the news. I'm £4500 down ........ Can anything be done?

Write to your MP?

kidmugsy

diddy6662009 wrote: »

Chump...hardly. I have literally only just paid the duty i.e 2 months ago paying the 1% stamp duty...not 1980 2007......its about being realistic. Obviously going way back is a given, but some do offer claim backs for this sort of thing within a REASONABLE timescale. Read the post....only just paid it!!
Would just be good but its highly unlikely given this government.....just annoying esp when its now so low..!!

No, you are being really stupid. If you get a refund because you bought two months ago, then some other dimwit will complain that he bought just a week before you so he should have a refund too, and so ad infinitum. Grow up for heaven's sake.

kidmugsy

forumboy wrote: »

I'm absolutely devastated by the news. I'm £4500 down after paying £8250 SD on a £275k purchase which was completed less than 2 weeks ago. This actually makes me feel sick inside. Can anything be done about this? A process whereby you can re-coup a certain % of what you've paid depending on when you completed would have massively softened the blow. e.g. 50% refund on completions within the last month, 30% within the last 3 months & 10% within 6 months or something similar. I've spend everything I have on this purchase and stretched massively to buy my family the dream home and financial it's put a strain on the family. Can anything be done?

"forumboy" indeed. Time you grew up to be "forumman".

franklee

Demonic wrote: »

Well, I'll be heading up to the site office of my new build development tomorrow and asking how much of a sweetener the developer is going to give me.

One of the "initiatives" was that the developer would pay the stamp duty on our £270K new build. We've exchanged already so, if I'm reading this correctly, I (as the purchaser) can choose which system to use. As the new system will result in £4601 less I am expecting at least half of that back. Call it a good will gesture. If they don't want to give me any then I'll just opt for stamp duty by the old system and see where that takes us.

I like your style :jPlease let us know how it goes.

franklee

Incris wrote: »

Am glad this is being reformed but wondering if this is potentially bad for me personally at the moment.

I am buying right at the old 1% limit which by my reckoning makes me no better or worse off. The vendor has been very slow and as a result the sale is likely to drag on until March. But my concern is that now that they will withdraw on the assumption the property will rise in value and this move may stimulate the market. Am I crazy ?

Fraid not, I think vendors will be putting prices up now that the stamp duty bands don't hold them back, OTOH it means you may get more choice of property to buy if you can pay a bit more.

theGrinch

something that should have been done years ago and he didnt go as far as I would have as Chancellor