Stamp Duty

yorkie18

vicky_elston said:

yorkie18 said:

I'm in a similar position. We have exchanged and due to complete on the 12th March. Fingers crossed we get a stamp duty reduction! 

I'm holding off exchanging but i have no idea whether this will make any difference! I would assume it based on the completion date from what I've read, but no one seems to know! 

I agree, it's very confusing isn't it. Because we are at the bottom of the chain and have already exchanged, we have paid our money over but it would be super handy to get that money back! I have a feeling this is why one part of our chain at least wanted to push it out until the 12th March. We will just have to see what happens I guess 🤞🏻

Thrugelmir

vicky_elston said:

This is true. I'm just basing it on what I've read.  But, of course they can do what they want however they want to.  I feel like I cant make the right decision!! 

Change of Chancellor. Different ideas different approach perhaps. 

Peony2016

yorkie18 said:

vicky_elston said:

yorkie18 said:

I'm in a similar position. We have exchanged and due to complete on the 12th March. Fingers crossed we get a stamp duty reduction! 

I'm holding off exchanging but i have no idea whether this will make any difference! I would assume it based on the completion date from what I've read, but no one seems to know! 

I agree, it's very confusing isn't it. Because we are at the bottom of the chain and have already exchanged, we have paid our money over but it would be super handy to get that money back! I have a feeling this is why one part of our chain at least wanted to push it out until the 12th March. We will just have to see what happens I guess 🤞🏻

When did you exchange? Seems you’ve had a fairly long gap between exchange and completion. Perhaps we’ll offer that to our buyer, who we know is currently living abroad but owns a property in the UK. With the proposed additional tax on foreign purchasers possibly being announced with the budget, it would be good to get our buyer locked in now. We’ve got the option of moving in with my parents for a while if we complete on our sale before completing on our purchase, but a longer gap between exchange and completion could be a viable option for our sale.

yorkie18

Peony2016 said:

yorkie18 said:

vicky_elston said:

yorkie18 said:

I'm in a similar position. We have exchanged and due to complete on the 12th March. Fingers crossed we get a stamp duty reduction! 

I'm holding off exchanging but i have no idea whether this will make any difference! I would assume it based on the completion date from what I've read, but no one seems to know! 

I agree, it's very confusing isn't it. Because we are at the bottom of the chain and have already exchanged, we have paid our money over but it would be super handy to get that money back! I have a feeling this is why one part of our chain at least wanted to push it out until the 12th March. We will just have to see what happens I guess 🤞🏻

When did you exchange? Seems you’ve had a fairly long gap between exchange and completion. Perhaps we’ll offer that to our buyer, who we know is currently living abroad but owns a property in the UK. With the proposed additional tax on foreign purchasers possibly being announced with the budget, it would be good to get our buyer locked in now. We’ve got the option of moving in with my parents for a while if we complete on our sale before completing on our purchase, but a longer gap between exchange and completion could be a viable option for our sale.

We exchanged last Thursday, so exactly 4 weeks between exchange and completion. I would ask the question if I was you, they can only say no!

Peony2016

yorkie18 said:

Peony2016 said:

yorkie18 said:

vicky_elston said:

yorkie18 said:

I'm in a similar position. We have exchanged and due to complete on the 12th March. Fingers crossed we get a stamp duty reduction! 

I'm holding off exchanging but i have no idea whether this will make any difference! I would assume it based on the completion date from what I've read, but no one seems to know! 

I agree, it's very confusing isn't it. Because we are at the bottom of the chain and have already exchanged, we have paid our money over but it would be super handy to get that money back! I have a feeling this is why one part of our chain at least wanted to push it out until the 12th March. We will just have to see what happens I guess 🤞🏻

When did you exchange? Seems you’ve had a fairly long gap between exchange and completion. Perhaps we’ll offer that to our buyer, who we know is currently living abroad but owns a property in the UK. With the proposed additional tax on foreign purchasers possibly being announced with the budget, it would be good to get our buyer locked in now. We’ve got the option of moving in with my parents for a while if we complete on our sale before completing on our purchase, but a longer gap between exchange and completion could be a viable option for our sale.

We exchanged last Thursday, so exactly 4 weeks between exchange and completion. I would ask the question if I was you, they can only say no!

Thanks. We’re going to wait to see if the buyer is satisfied with our answers to their initial enquiries and then go from there. I guess it depends how smoothly the process goes from here

BarrytheBat

I'm in the same boat. If I exchange before the budget and complete after and there are changes to stamp duty, how would that affect me? From what I've read it seems that there would be a choice to use the new or old system.
The more I think about it, the less I'm convinced that there will be a favourable change, I think we can file it with the promise to increase the high earner threshold to £80000...

vicky_elston

BarrytheBat said:

I'm in the same boat. If I exchange before the budget and complete after and there are changes to stamp duty, how would that affect me? From what I've read it seems that there would be a choice to use the new or old system.
The more I think about it, the less I'm convinced that there will be a favourable change, I think we can file it with the promise to increase the high earner threshold to £80000...

This is the annoying thing. No one knows. Going by previous years, if you exchange before and complete after the budget, the new budget rules apply to you. However, this isn’t guaranteed. The government can do whatever they want to. I too am not holding out for a huge change in our favour, however there has been speculation, so delaying a week to potentially save us £8k seems worth it to me. 

BarrytheBat

vicky_elston said:

BarrytheBat said:

I'm in the same boat. If I exchange before the budget and complete after and there are changes to stamp duty, how would that affect me? From what I've read it seems that there would be a choice to use the new or old system.
The more I think about it, the less I'm convinced that there will be a favourable change, I think we can file it with the promise to increase the high earner threshold to £80000...

This is the annoying thing. No one knows. Going by previous years, if you exchange before and complete after the budget, the new budget rules apply to you. However, this isn’t guaranteed. The government can do whatever they want to. I too am not holding out for a huge change in our favour, however there has been speculation, so delaying a week to potentially save us £8k seems worth it to me. 

It definitely seems like something worth waiting for and at the same time taking the gamble of any negative changes, although hopefully exchanging before any changes would protect against that. The date works quite well for me anyway, so we'll just have to keep our fingers crossed for an unexpected gift, if not we can be happy to have contributed to those 40 new hospitals...

davidmcn

vicky_elston said:

BarrytheBat said:

I'm in the same boat. If I exchange before the budget and complete after and there are changes to stamp duty, how would that affect me? From what I've read it seems that there would be a choice to use the new or old system.
The more I think about it, the less I'm convinced that there will be a favourable change, I think we can file it with the promise to increase the high earner threshold to £80000...

This is the annoying thing. No one knows. Going by previous years, if you exchange before and complete after the budget, the new budget rules apply to you. However, this isn’t guaranteed.

Not guaranteed, but it's what has happened every time before, and would lead to huge practical difficulties if they didn't e.g. if you're already committed to completing the day after the budget, you probably won't be able to instantly find an extra x thousand pounds you hadn't budgeted for. 

AdrianC

Thrugelmir said:

vicky_elston said:

This is true. I'm just basing it on what I've read.  But, of course they can do what they want however they want to.  I feel like I cant make the right decision!! 

Change of Chancellor. Different ideas different approach perhaps. 

'course, we're on the third chancellor since the last budget, and the third date for this budget - so all bets are off.