Stamp Duty Incentives

citag21

I have recently bought a new build with Barratts; on application we were offered an incentive that they pay our Stamp Duty on completion.
But with the new budget announcement they are now refusing to adhere or offer a new incentive; even though their website states, and I quote, "The Barratts site specifically states, and I quote, “Offer is to pay a sum equivalent to the purchaser’s stamp duty up to a maximum of 4% of the purchase price of your new Barratt home.”
I went to my solicitors and they said they couldn't answer.
Thanks, M

TadleyBaggie

The offer was to repay you for the stamp duty you paid, if you pay nothing that is what you get. I can't see a legal problem with that.

Bottom line, you are in the same position (financially) now as you were before the budget.

Thrugelmir

citag21 wrote: »

“Offer is to pay a sum equivalent to the purchaser’s stamp duty up to a maximum of 4% of the purchase price of your new Barratt home.”

Taken at face value. If the purchaser has no liability to stamp duty then Barrets have nothing to pay. They have however fulfilled their promise. A matter for Barretts thmselves if they wish to amend the offer.

theartfullodger

You are no worse off: You will pay no more: Yet you want compo?

davidmcn

citag21 wrote: »

I have recently bought a new build with Barratts

How recently, and what do you mean by "bought"? If you mean you've exchanged contracts but not yet completed, then what does your contract say? If you haven't yet exchanged then everything's still up for negotiation.

JoJo1978

They are still fulfilling their promise to you. They agreed to pay SDLT up to the value of 4% - it just happens to be the case now that the bill they offered to pay = £0.

You've asked if they'll transfer the cash equivalent value to another incentive and they've politely declined. You're no worse off than you would have been before the tax change, so what is your intended claim against them?

Lysimache

You are no more worse off with this than you were before - before Barratts would've paid your stamp duty = you get £0. Now you have no stamp duty = you get £0.

What is the issue??

parkrunner

citag21 wrote: »

I have recently bought a new build with Barratts; on application we were offered an incentive that they pay our Stamp Duty on completion.
But with the new budget announcement they are now refusing to adhere or offer a new incentive; even though their website states, and I quote, "The Barratts site specifically states, and I quote, “Offer is to pay a sum equivalent to the purchaser’s stamp duty up to a maximum of 4% of the purchase price of your new Barratt home.”
I went to my solicitors and they said they couldn't answer.
Thanks, M

They are though, they are still offering the same deal, it's not their fault the budget changed things for the better. The quote from the site is very clear. You have lost nothing.

AdrianC

You say that you have "recently bought" - do you actually mean that? Or do you mean you are approaching the final stages of buying (completion)? If so, then you've not bought it yet.

Have you exchanged yet? If not, then everything is still up in the air, and you can try and renegotiate if you wish. Of course, you may find the vendor unwilling - in which case, are you willing to walk away?

citag21

thanks for all your replies, very insightful and what I was looking for.
Only contracts have exchanged and completion isn't for a few more weeks.
I know I'm not worse financially, which I am grateful for.
My question is, why should Barratts benefit from a government incentive to help FTB nor building developers? We went to them for a product, to incentivise us to buy they put a package together; which we reviewed and accepted. We have given them business and made profit, so why should they not replace the offer or still give us the money? Legally they can't pay SD anyway, which is why they put that statement on their T+C's. Even an offer of goodwill would've been nice, as a company keeping a buyer sweet.

AdrianC

citag21 wrote: »

Only contracts have exchanged

So neither side can vary the contract without re-signing and re-exchanging.

My question is, why should Barratts benefit from a government incentive to help FTB nor building developers?

If SDLT had gone up in your specific circumstances, would you be complaining if Barratt said "Well, hold on - we're only paying the amount we thought we were paying"?

Legally they can't pay SD anyway

How on earth do you figure that?