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Stamp Duty Changes: About to exchange
Comments
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We were thinking about this.... in the end decided to exchange! Didn't fancy missing out on the house or being gazumped i suppose...
In the long term it'll all be worth it i suppose...0 -
We exchanged on October 14th and completing November 8th but only on our sale. We are going into rented while we buy. Not because of Stamp Duty but if it means we pay less tax then that's good."If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0
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We are due to exchange in the next couple of weeks, so we're keeping everything crossed it does get reduced!0
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When the changes happened in Dec 2014, if you had already exchanged contracts you could choose whether to pay tax under the old or new formula.
To those posters above (zesh90x, pimento and Crumble2018) - if what Tom99 said is correct, then it wouldn't matter when you exchanged, it would matter when you complete, no? After all, SDLT is only payable on completion, not exchange.
My case is similar, but different. We're buying a £300k new build, and the developer is paying SDLT as an incentive. Therefore, if SDLT is abolished at this level, the developer will stand to gain (by means of only then having to pay a far lesser incentive), but we'd look to find an alternative way of sweetening the deal.0 -
To those posters above (zesh90x, pimento and Crumble2018) - if what Tom99 said is correct, then it wouldn't matter when you exchanged, it would matter when you complete, no? After all, SDLT is only payable on completion, not exchange.
Yes - we'll be fine, as we definitely won't complete before the budget.0 -
I though Javid had dismissed any changes?
We are moving soon and my solicitor told me that last time changes were made they made no difference to properties already exchanged. The thing to bear in mind is that if you are already in the process your own budget is based on the old system. If I have to pay the stamp duty on my sale the price increases to cover it. I would also expect the same from my seller, I have budgeted to pay stamp duty on my purchase not my sale.
Altering the SDLT to the seller impacts more than simply who pays, it will impact security for borrowing decisions because in a repossession situation there is an additional cost to dispose.0 -
Javid has confirmed this morning on BBC news that there will no longer be a budget next week.
As you were.0 -
Javid has confirmed this morning on BBC news that there will no longer be a budget next week.
As you were.
...Directly contradicting what he told ITV less than 24 hours earlier. I love this government.
Oh well, that ship has sailed - it was always a long shot.
Just want to exchange and get a moving date now! Then enjoy a pre-Christmas election voting not Tory.
All the best to everyone waiting to exchange and complete - hope your moves all go smoothly!0 -
To those posters above (zesh90x, pimento and Crumble2018) - if what Tom99 said is correct, then it wouldn't matter when you exchanged, it would matter when you complete, no? After all, SDLT is only payable on completion, not exchange.
My case is similar, but different. We're buying a £300k new build, and the developer is paying SDLT as an incentive. Therefore, if SDLT is abolished at this level, the developer will stand to gain (by means of only then having to pay a far lesser incentive), but we'd look to find an alternative way of sweetening the deal.
True, but we are completing on the 31st October ... either way i think the above leads to the end of this debate i suppose aha :rotfl:0
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