The NEW waiting to exchange thread...

Antman27

Hi all,

FTB here. I made my offer about 5 weeks ago and have got my mortgage offer, surveys completed (no issues), searches returned, and now waiting for my solicitor's report. Going by experiences posted on here, my purchase seems to be on the fast track. Is it too optimistic to expect to exchange contracts and complete by month end, as that would mean some SDLT saving?

Thanks,
A

Newdrake88

Antman27 said:

Hi all,

FTB here. I made my offer about 5 weeks ago and have got my mortgage offer, surveys completed (no issues), searches returned, and now waiting for my solicitor's report. Going by experiences posted on here, my purchase seems to be on the fast track. Is it too optimistic to expect to exchange contracts and complete by month end, as that would mean some SDLT saving?

Thanks,
A

You are a first time buyer? I don’t think you pay stamp duty if you are 

Antman27

Newdrake88 said:

Antman27 said:

Hi all,

FTB here. I made my offer about 5 weeks ago and have got my mortgage offer, surveys completed (no issues), searches returned, and now waiting for my solicitor's report. Going by experiences posted on here, my purchase seems to be on the fast track. Is it too optimistic to expect to exchange contracts and complete by month end, as that would mean some SDLT saving?

Thanks,
A

You are a first time buyer? I don’t think you pay stamp duty if you are 

I wish! I do have to pay stamp duty and the relief for FTBs ends this month. I could save £2.5k.

EndlessStruggle

SDLT is 0 up to 300k and then it's 5% up to 500k and then normal rules for FTB.

I've got a small bill as a FTB as mine is just over. 

Edit - scratch that, I misread it ha

AFF8879

Finally exchanged on my new build house today, so excited! Sold my tiny flat in London in July to embark on a new life in the Hampshire countryside, we are hybrid working right now so hopefully we won’t ever have a go back to 5x a week in the office again but I chose a village with a direct train to Waterloo just in case.

I don’t think I’ve ever had a glass of wine on a Monday night before but I’ll make an exception tonight, here’s to rural living 🥳🍾

Newdrake88

Antman27 said:

Newdrake88 said:

Antman27 said:

Hi all,

FTB here. I made my offer about 5 weeks ago and have got my mortgage offer, surveys completed (no issues), searches returned, and now waiting for my solicitor's report. Going by experiences posted on here, my purchase seems to be on the fast track. Is it too optimistic to expect to exchange contracts and complete by month end, as that would mean some SDLT saving?

Thanks,
A

You are a first time buyer? I don’t think you pay stamp duty if you are 

I wish! I do have to pay stamp duty and the relief for FTBs ends this month. I could save £2.5k.

First time buyers don’t pay it up to 300k so if your purchase is under that then you don’t need the relief deadline 👍

Newdrake88

EndlessStruggle said:

SDLT is 0 up to 300k and then it's 5% up to 500k and then normal rules for FTB.

I've got a small bill as a FTB as mine is just over. 

Edit - scratch that, I misread it ha

Am I mis-reading it also then 😂 I’m confused 

EndlessStruggle

There are so many articles out there giving so many different answers on it!

I used the government calculator and got the same figure by putting the sale date as before and after the 30th but who knows! 

I really thought it was 0 up to 300k etc. but I'm doubting myself after reading three articles that said otherwise.

Newdrake88

EndlessStruggle said:

There are so many articles out there giving so many different answers on it!

I used the government calculator and got the same figure by putting the sale date as before and after the 30th but who knows! 

I really thought it was 0 up to 300k etc. but I'm doubting myself after reading three articles that said otherwise.

It is 0% up to 300k and 5% after up to 500k 

don’t doubt yourself 😂

Antman27

Newdrake88 said:

EndlessStruggle said:

There are so many articles out there giving so many different answers on it!

I used the government calculator and got the same figure by putting the sale date as before and after the 30th but who knows! 

I really thought it was 0 up to 300k etc. but I'm doubting myself after reading three articles that said otherwise.

It is 0% up to 300k and 5% after up to 500k 

don’t doubt yourself 😂

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates 

Govt. website says 0% up to £250k and 5% up to £925k till 30th September.