Stung for Stamp Duty?

Youngie007

unforeseen wrote: »

Was the EA aware of the full facts? Were they told it was a main residence replacement or just told ' I've got 2 houses, i am selling one and buying this one' On those bare facts the EA is correct

No he does know that the second property I own is a buy to let and that this one is my main residence. Could of just be mistaken????

Youngie007

eggha wrote: »

but the point is the EA told the OP they would not be liable for the higher rate.

Therefore the EA should either not be saying anything at all as per your approach,
or,
as per GM's approach, they should make sure that what they say is correct, not the utter rubbish they actually said given that their only purpose in life is to be involved in property transactions, and so they ought to know about such a hugely basic thing as SDLT as they re exposed to it on a daily basis compared to a buyer who may only be in the property market a few times in their life

Just to be clear, the EA told me that I would be liable for the appropriate stamp duty rate (fair enough), but also liable for a further 3% of the purchase price due to the fact that I was buying a second property. I did question this due to the fact that the property I would be buying would be my main residence and not another buy to let but he seemed certain in his opinion.

unforeseen

Youngie007 wrote: »

Just to be clear, the EA told me that I would be liable for the appropriate stamp duty rate (fair enough), but also liable for a further 3% of the purchase price due to the fact that I was buying a second property. I did question this due to the fact that the property I would be buying would be my main residence and not another buy to let but he seemed certain in his opinion.

Did you tell him that you would be disposing of your current main residence? If not then would have still considered it as an additional residence and not a replacement.

The devil really is in the detail of what you actually told him, not what you thought/may have told him.

Youngie007

Yes I did tell him that I would be selling my main residence as I said that I would be going with him to sell it.

lovinituk

unforeseen wrote: »

Why? EAs have absolutely nothing to do about or care about SDLT and all the permutations that the change can bring up, it's not their job. It's up to the buyer to investigate the effect given their situation. I'd be worried if a conveyancing solicitor told me though.

Then the estate agent should know their place and not comment on things they clearly know nothing about!

To be honest I wouldn't trust anything an estate agent says anyway

G_M

Given that EAs make a big deal these days of checking that buyers have finance in place for a purchase, I'd have hoped they would understand the relevant costs associated with purchases.

Given that in this instance the EA offered advice on the topic, again I'd have hoped they would only do so if aware of the facts/relevant laws.

Given that they are 'professionals' working in the field of property sales, I'd have hoped they would have some professional interest in keeping up with new legliaslation that affects their clients (and quasi-clients ie buyers).

However, as pointed out, EAs rarely live up to ones hopes, and buyers and sellers should always rely on their own investigations, or the advice of solicitors, acountants, or financial advisers.