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extra borrowing to pay stamp duty/solicitor

sam2015_2
sam2015_2 Posts: 196 Forumite
in Mortgages & endowments
I was going to put 2k of my stamp duty on my credit card. I'll be able to pay that off in full within couple of weeks with my bonus from work.
But my solicitor wants the full stamp duty before the completion which is next week and I am 2k short. I could increase my overdraft and use it but the Brclays will do credit check for that which might not be a good idea with the mortgage?? I heard the lenders do credit check just before they release the fund. Is that true?

Any idea what to do? Can't brrow it from anyone.
«1

Comments

  • ACG
    ACG Posts: 24,075 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    https://www.moneyadviceservice.org.uk/en/articles/everything-you-need-to-know-about-stamp-duty

    It needs to be paid within 30 days. It does not have to be paid on completion.
    I am a Mortgage Adviser
    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.
  • sam2015_2
    sam2015_2 Posts: 196 Forumite
    ACG wrote: »
    It needs to be paid within 30 days. It does not have to be paid on completion.

    That is what I thought and hence in this position now.
    Apprantely the mortgag lenders over ride HMRC on this and solicitor required the stamp duty on completion.
    The cash buyers can pay within the 30 days though.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    Will work give you an advance on your salary?
  • ACG
    ACG Posts: 24,075 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I have had one client pay it 2 weeks after completion and they had a Mortgage, it may be certain lenders though?
    I am a Mortgage Adviser
    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.
  • sam2015_2
    sam2015_2 Posts: 196 Forumite
    AnotherJoe wrote: »
    Will work give you an advance on your salary?
    No. even if they did it wouldn't arrive in 2 days.
  • TrickyDicky101
    TrickyDicky101 Posts: 3,525 Forumite
    Part of the Furniture 1,000 Posts
    ACG wrote: »
    https://www.moneyadviceservice.org.uk/en/articles/everything-you-need-to-know-about-stamp-duty

    It needs to be paid within 30 days. It does not have to be paid on completion.

    If there's a mortgage involved I thought CML handbook requires full SDLT to be lodged with solicitor prior to completion?
  • sam2015_2
    sam2015_2 Posts: 196 Forumite
    ACG wrote: »
    I have had one client pay it 2 weeks after completion and they had a Mortgage, it may be certain lenders though?

    or certain solicitors?
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    ACG wrote: »
    I have had one client pay it 2 weeks after completion and they had a Mortgage, it may be certain lenders though?

    Possibly a very trusting solicitor. Certainly not the norm anyway.
  • ACG
    ACG Posts: 24,075 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I think she made him sign some declaration to basically say if he does not pay witin 30 days its on him.
    I am a Mortgage Adviser
    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.
  • sam2015_2
    sam2015_2 Posts: 196 Forumite
    I think I'm going to have to withdraw 2k from my credit card for it. This would be the quickest and have less effect on my credit file.

    Solicitor already said that he needs to know where the money comes from. If it is not from me, he will need gift deposit letter, etc.
    Do solicitor ask for proof where the money comes from? It is purely for the stamp duty. He already has my mortgage deposit.
    Borrowing from credit card for stamp duty be a problem?

    Any advice or opinions would be useful.
    Thanks
This discussion has been closed.
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