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Complete on 1 April delayed got to pay stamp duty
chipsdog
Posts: 450 Forumite
My son and girlfriend was due to complete on his house on the 1 April 2016, he already has a flat which he is keeping. If completion was 1 April great, however, the builders have moved the date to 29 April 2016, he now has to pay £6k instead of £900 in stamp duty. They can't afford to pay the higher fee so have asked can they complete 1 April, answer no as the house is not ready.
The builders have offered to pay half the stamp duty so they don't lose the sale, they said to think about it and is there anything they can do?
Do you think that is enough or should they push for something else? maybe carpets, who knows they need everything
thanks everyone
The builders have offered to pay half the stamp duty so they don't lose the sale, they said to think about it and is there anything they can do?
Do you think that is enough or should they push for something else? maybe carpets, who knows they need everything
thanks everyone
0
Comments
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I thought the stamp duty came into effect on 1st April, therefore you had to complete by 31st March?
In general to your question, I can't help you. Just wanted to make sure you are aware about the last day you (well DS and gf) can complete!0 -
Has your son already exchanged contracts? If so was the date of completion fixed before 1st April?0
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Not exchanged, but the first completion date given was 1 April, they have run into difficulties I think with the weather so it has been delayed, this is not a problem for my son and the builders knew this, but it is now a financial problem0
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Not really the builders' fault that it happens to be a second home. I would say stamp duty rules changing is a risk that buyers have to take.0
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The builders have offered to pay half the stamp duty so they don't lose the sale, they said to think about it and is there anything they can do?
Do you think that is enough or should they push for something else? maybe carpets, who knows they need everything
They can negotiate for as much as they want. But your sons SDLT liability is not really the builders problem.
Ultimately what your son gets will depend on how much the developer wishes to retain the sale.0 -
If he can afford two properties, then he can afford to kit this one out. If he can't, he quite simply doesn't have enough in reserve to be a fit landlord.Do you think that is enough or should they push for something else? maybe carpets, who knows they need everything
The builders have offered £2-3k to help him out rather than lose the sale, even though the predicament is entirely of his own making. Don't be greedy.0 -
1 April was still new regime.Not exchanged, but the first completion date given was 1 April, they have run into difficulties I think with the weather so it has been delayed, this is not a problem for my son and the builders knew this, but it is now a financial problem
It would have had to complete before 31 March to fall into the old system.
Ergo, the change to end of April or later is having zero impact.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 -
What a shame, oh well never mind.0
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Heart bleeds daily the stress these would be landlords are facing
poor little lambsNever, under any circumstances, take a sleeping pill and a laxative on the same night.0 -
Sell the flat, then you won't need to pay any stamp duty ( and take the 3k off the builder if you can!)0
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