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Can my parents pay stamp duty for me?
Isan_2
Posts: 12 Forumite
I'm currently looking at buying my first home, I have just enough money for the deposit but I need my parents assistance to cover all of the fees and additional costs.
The agreement from the Solicitors indicates that they will charge an additional fee if my deposit includes a gift. Obviously I would like to avoid this.
If my parents pay the legal fees, search fees, and stamp duty would that count as a gift and/or cause the solicitors to charge that gifted deposit fee?
(The solicitors is Birchall Blackburn Law, if that matters).
The agreement from the Solicitors indicates that they will charge an additional fee if my deposit includes a gift. Obviously I would like to avoid this.
If my parents pay the legal fees, search fees, and stamp duty would that count as a gift and/or cause the solicitors to charge that gifted deposit fee?
(The solicitors is Birchall Blackburn Law, if that matters).
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Comments
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get the £ transferred from parents to your account then use it to pay SDLT etc....0
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Your parents can gift anything they want.
Your solicitor can charge as per the contract.0 -
As long as not deposit, shouldn't matterDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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If any of the money is coming from your parents then the solicitors will have to check it out under money laundering regulations. Doesn't matter if it pays the deposit or fees or whatever. If it's going through the solicitor, it gets checked.
Also, you can't exactly say this money is for the deposit and that money is for the fees. Once it's all in your accounts it can't be separated out, and your solicitor will only except monies from you.0 -
You can chose to pay the stamp duty yourself (rather than through your solicitor), if you're confident in dealing with HMRC.
There will be a deadline by which you must pay it after completion. Check on the website.
ETA: there is a hefty fine if you miss the deadline, so consider carefully if you want to try to pay it yourself.[FONT="][FONT="] Fighting the biggest battle of my life.
Started 30th January 2018.
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You can chose to pay the stamp duty yourself (rather than through your solicitor), if you're confident in dealing with HMRC.
There will be a deadline by which you must pay it after completion. Check on the website.
ETA: there is a hefty fine if you miss the deadline, so consider carefully if you want to try to pay it yourself.
I am considering doing this but I haven't told my solicitor yet.
Can they insist on you having to transfer funds to them so they can pay it or do you have the right to pay it yourself via debit/credit card subject to the deadlines?0 -
Just do as G_M suggested. You should have already shown a copy of your bank statements to the solicitor, I did back in June/July & highly doubt he's going to ask for another copy between now & completionMortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
Cashback sites: £900 | £30k in 2016: £30,300 (101%)0 -
You can only pay the SDLT direct to HMRC if you're a cash buyer. Your mortgage offer will require SDLT to be settled at the time of completion. The only way your solicitor (who will also be acting for the lender) can guarantee this is to receive the funds and settle the SDLT bill themselves.0
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You can only pay the SDLT direct to HMRC if you're a cash buyer. Your mortgage offer will require SDLT to be settled at the time of completion. The only way your solicitor (who will also be acting for the lender) can guarantee this is to receive the funds and settle the SDLT bill themselves.
Thanks, I wasn't aware of this. I'm currently buying myself and was going by my legal papers, which gave the option to pay it ourselves or have the solicitor do it.
It's been a long weekend. I don't normally post half-baked advice.
[FONT="][FONT="] Fighting the biggest battle of my life. Started 30th January 2018.
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