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completion delayed...extra stamp duty.
sam2015_2
Posts: 196 Forumite
How many of you were going to complete before the 1st of April but that didn't happen for xxxxxxx reasons and now have to pay the extra stamp duty?
2 of us on my chain in that position and the whole chain might collapse now. Finally, everybody tried their best to exchange and complete yesterday but the funds from one of the lender didn't arrive till 3.30pm - lender's delay. It was then too late to complete the whole chain.
2 of us on my chain in that position and the whole chain might collapse now. Finally, everybody tried their best to exchange and complete yesterday but the funds from one of the lender didn't arrive till 3.30pm - lender's delay. It was then too late to complete the whole chain.
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Is the chain really likely to collapse? If people in the chain are liable for the extra stamp duty then they're more than likely BTLers. Are they really going to not buy an investment property just because of the extra stamp duty? If they pull out and start again elsewhere they'll still have to pay it.
If they're experienced property investors then they're probably reasonable negotiators and are just trying to get a last minute reduction from their vendor to offset their cost. Even if they don't succeed, they may not actually pull out.
Good luck though - keep arguing for exchange ASAP so you lose the uncertainty of it going ahead.0 -
Well it was highly predictable really wasn't it.....0
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Well the country will be grateful for the extra tax-take, thanks!0
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The solicitors involved (everywhere) can now take a break now.0
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We completed at around 3pm yesterday so cut it reasonably fine. Was a point in the day we were discussing what to do about the extra stamp duty...0
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We were notified of a change of postcode on a property which was being purchased as a BTL at 4pm on Tuesday 30th.
We tried our best to get the case re-offered but we just missed the cutoff for BM Solutions releasing the funds before 14:30 yesterday.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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