We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Stamp duty was one of our incentives from the developer...
Comments
-
You are in exactly the same position you were yesterday, paying exactly the same amount for exactly the same house. The house builder has got a £5000 windfall at the expense of everyone's schools/hospitals etc.
Over time this "incentive" will just serve to put up house prices and put more money in the pockets of the house builders, or people who already own houses.0 -
Have you exchanged? What does your contract say about it? If it's, say, "a discount of £x" then that's what you'll still get.This.
If exchanged, read the contract clause.
If not exchanged, negotiate your discount.
We have exchanged recently. I haven't got all the paperwork to hand but this is what the plot reservation details state:
'Costs to be paid by developer: £XXXX
Details of costs to be paid by developer:
- £XXXX Stamp Duty
- £XXXX Towards legal fees'
I will pick the contract up and have a read of the clause tomorrow.0 -
We have the same issue, we exchanged back in May and are due to complete in 3 weeks time.
We have spoken to our solicitor who are awaiting an answer from the developer as to what they are going to offer instead, we have also spoken to the developer and are waiting to hear today on what they will offer but they have indicated that we may be able to get flooring as an incentive instead.
I'll keep you updated when I hear!0 -
harrys_dad wrote: »You are in exactly the same position you were yesterday, paying exactly the same amount for exactly the same house. The house builder has got a £5000 windfall at the expense of everyone's schools/hospitals etc.
Over time this "incentive" will just serve to put up house prices and put more money in the pockets of the house builders, or people who already own houses.
It's being so cheerful that keeps you going.0 -
I too complete in 3 weeks and had stamp duty paid as an incentive.
Just spoken with both solicitor and Bovis who have confirmed the wording of the contract is the amount to be retained. Which means we get it back!!!! Yay x0 -
I should complete in 3 weeks too so I am following this thread with interest.
I managed to persuade the developer to throw in my flooring AND pay my stamp duty... so not sure where this will leave me!
I'm with Barratts.0 -
A note of caution.
Some lenders accept builders paying SDLT as a cash incentive, but don't accept cashbacks.
If you try to barter your SDLT payment into another cash incentive, you may end up having to apply to a new lender for a mortgage.
As an example, we have a Santander HTB case where SDLT was permitted, but a cashback isn't, so it looks like we will have to do the mortgage all over again, from scratch.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I wouldn't worry, your house has probably just risen in value by the amount of SDLT saved!
http://www.thedailymash.co.uk/news/business/house-prices-increase-by-precisely-the-amount-of-stamp-duty-cut-20171123139622Signature on holiday for two weeks0 -
I am due to complete soon and stamp duty was given as an incentive in the contract it states:
LESS
Allowance towards SDLT
Where would i stand with this?0 -
I would have thought that, since you have exchanged, you are legally binding to purchase the property?
If so, surely the developers don't exactly need to give a discount or change the value?
If they do.. good on you
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.4K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards