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Autumn Budget Stamp Duty
Comments
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Good spot - logical for tax cuts to be immediate and rises to take longer.musicpink1000 wrote: »Just found an interesting article from when something similar happened in 2010.
As a new user won't let me embed the link here, but if you google 'Budget 2010: Your stamp duty questions answered' it should pop up.
The stamp duty changes were in effect from midnight the day of the announcement and the important date was the completion date so didn't matter if you had already had exchanged so long as you hadn't completed.
Will be interested to see what happens on Nov 22nd!0 -
Just to say that I am waiting with baited breath regarding this too. We are due to be served notice of completion literally any day now, and will of course then be required to complete within 10 working days of this notice, so we are likely to be completing just days after the autumn budget announcement as well. If they were to actually scrap stamp duty for first time buyers this would save us £6000!!!
Whilst great, this would be ever so slightly annoying because we could have stretched to a bigger flat had we had the extra £6000 for deposit. But we have already exchanged and everything now so it is what it is!0 -
Just to say that I am waiting with baited breath regarding this too. We are due to be served notice of completion literally any day now, and will of course then be required to complete within 10 working days of this notice, so we are likely to be completing just days after the autumn budget announcement as well. If they were to actually scrap stamp duty for first time buyers this would save us £6000!!!
Whilst great, this would be ever so slightly annoying because we could have stretched to a bigger flat had we had the extra £6000 for deposit. But we have already exchanged and everything now so it is what it is!
Are you saying you've already missed your completion date. I hope it wasn't a gamble on saving a bit of stamp duty."Real knowledge is to know the extent of one's ignorance" - Confucius0 -
We are due to be served notice of completion literally any day now, and will of course then be required to complete within 10 working days of this notice
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But we have already exchanged and everything now so it is what it is!Are you saying you've already missed your completion date. I hope it wasn't a gamble on saving a bit of stamp duty.
How on earth do you figure that, you can exchange with 'completion on notice' so are committed to buying the flat subject to certain date constraints, but the vendor can pick a date for completion 10 days before. So the earliest smem would be completing is ~23rd Nov if they were served the notice tomorrow (assuming its 10 working days not calendar days)0 -
Yeah, it's not a small amount for FTB - for us, we're looking at over £13k in stamp duty!!0
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LazyWhippet wrote: »Yeah, it's not a small amount for FTB - for us, we're looking at over £13k in stamp duty!!
So you have the income to support a house purchase of around £450k?
What level of salaries are we talking about here?0 -
It's unlikely that it will happen but there does seem to be more and more newspaper talk about a cut. I'll be hopeful of one on budget day to reduce my £7,500 Bill0
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So you have the income to support a house purchase of around £450k?
What level of salaries are we talking about here?
If they had a decent deposit, then a 60% LTV purchase, they would only need to be earning £30-35k each to support this purchase.
Stamp duty changes discussed a couple of weeks ago here ...
https://forums.moneysavingexpert.com/discussion/5732441Signature on holiday for two weeks0 -
Having just completed I'd be a little frustrated about this but, if we hadn't bought the house we wanted now, similar ones are now advertised for £25k more so I think I'll take the Stamp Duty!0
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Just to say that I am waiting with baited breath regarding this too. We are due to be served notice of completion literally any day now, and will of course then be required to complete within 10 working days of this notice, so we are likely to be completing just days after the autumn budget announcement as well. If they were to actually scrap stamp duty for first time buyers this would save us £6000!!!
Whilst great, this would be ever so slightly annoying because we could have stretched to a bigger flat had we had the extra £6000 for deposit. But we have already exchanged and everything now so it is what it is!
Most developers will agree to an extra few days extension if you solicitors requests with good reason.0
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