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When to pay stamp duty
Glw28
Posts: 23 Forumite
Hello
Apologies if this has already been asked
This is in relation to a new build property
Does anyone know if you have to have your stamp duty transferred to the solicitor at the point of reservation or if you can wait until the house is built and the sale is complete?
Basically we have the money for our deposit but want to save for the stamp duty whilst the house is being built?
Apologies if this has already been asked
This is in relation to a new build property
Does anyone know if you have to have your stamp duty transferred to the solicitor at the point of reservation or if you can wait until the house is built and the sale is complete?
Basically we have the money for our deposit but want to save for the stamp duty whilst the house is being built?
0
Comments
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It's not due until completion.0
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Upon completion.0
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Legalky HMRC requirement payment o SDLT within 30 days of Completion.
In practice, if a mortgage is involved, the mortgage lender will require the funds to be with their solicitor before Completion.
If it's a cash purchase, the deadline is the 30 days, although if the solicitor is instructed to pay the SDLT on the buyer's behalf they are likely to want it before completion.0 -
Your solicitor should (if they are any good) provided you with an upfront view of what costs are due and the time frames. If they haven't, then drop them a line and ask. That's what you are paying them for!We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0
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it is "due" on completion
at what stage your solicitor will ask for the funds is a different matter, ask them!
As already mentioned, they are required by the Council of Mortgage Lenders (whose rules they must follow) body to hold the full SDLT monies in the client account before completion if you require a mortgage. So they may want the money a few days or a few weeks before the completion date, but it won't be on exchange, especially not on a new build where the delay between exchange and completion could be huge0
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