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Stamp duty holiday ?

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  • dexterwolf
    dexterwolf Posts: 360 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    Surely they have to bring it in immediately or I can see solicitors and estate agents paying staff off until it picks up again . As their staff won't have much to do whilst people wait. So the chancellor better make sure this is properly thought about or more redundancies I think will be happening .
  • SpiderLegs
    SpiderLegs Posts: 1,914 Forumite
    1,000 Posts Second Anniversary Name Dropper
    swajarbal said:
    Sounds to me like @danlightbulb is directing all their anger at their landlord, rather than wondering why they haven’t been able to save a deposit of their own in their ten years of renting.

    Perhaps @danlightbulb has sat round waiting for a handout in those ten years rather than cracking on and earning a bit more brass of their own?

    Care to retract the above assumptions now @SpiderLegs ?
    No not really.

    all that our colleague has demonstrated with their story is that 
    a. They want the landlord to pay for their misfortune
    b. That despite said misfortune they have managed to save enough to purchase a property and therefore stop paying their landlords mortgage off.
    c. They exited one property with 0 equity but yet think 100% mortgages are a fine idea.
  • Majoggy
    Majoggy Posts: 53 Forumite
    10 Posts
    Pretty much echoing what the press are saying, if they're going to do it it needs to happen immediately. If it's not going to happen then they need to make that crystal clear.
  • AdrianC said:
    Wah! I want to have + eat cake!

    If you really wanted to buy, you'd have saved.
    If you really couldn't save while paying so little rent, you clearly weren't earning enough to afford to buy.
    The answer, either way, was in your hands all along - but, like Crashy, it's everybody else's fault.

    So many wrong assumptions. Of course in your eyes everyone who cant buy must not be trying hard enough?

    I was married, in an abusive relationship and with two young kids. I had to leave the marriage due to this mental abuse and move into rented, and was left with debt from loans took out to build an extension on the house I previously owned. At the same time as paying rent I had to pay child maintenance of 15% of my net salary. I had my kids at weekends, and on top of child maintenance obviously I chose to clothe them, feed them, take them to activities and places so that they had a happy life amongst all this disruption. I put them first.

    There was no equity in the property I owned with my ex-wife at the time we separated, and she couldn't afford to take on the mortgage on her own. I had to sit on the mortgage having the risk of that liability for around 3 years before she was able to take it on by herself. She couldn't afford to buy me out for any cash payment, and I didn't want to force a sale and potentially make my children homeless. So in our divorce settlement (another cost to bear) we agreed on her getting the house in return for not taking a share of the pension I had built up by that point. My pension fund was about the same value as the equity in the house at the time.

    So paying rent, previous debt, child maintenance and making sure my kids didn't go without nice things (they weren't spoilt). Every other bill and outgoing I had is cut to the bone.

    I have a good job, that I've been promoted twice in over the past 8 years and have an above average income, but those previous debts and child maintenance costs meant I could not save anything. Several years ago now I redid all my budgets, cut all the costs I could. But well over a grand in rent and child maintenance  every month kind of dwarfs saving £3 a week at the chippie doesn't it.

    I have since cleared over £15k in debt and saved a £25k deposit. But its took 10 years to do that. I don't have rich family to call on, and I've never found another relationship so have no-one to share housing costs with.

    A 100% mortgage 10 years ago, which would have been perfectly affordable in terms of monthly payments, would have meant I'd have today paid that £65k towards my own house instead of to a landlord. But instead, simply not being able to get say £7k for a 5% deposit, which may seem like small change to many here, has locked me into rent for that period of time paying off someone elses mortgage.

    So tell me, what could I have done different? Not picked an abusive wife would have helped for sure. What else?


    Im 100% sympathetic to you on your circumstances. My partner’s abusive, controlling and financially abusive wife was awful to him. Luckily he met me and found the confidence to fight back ( and she got her come uppance) but without me it would be IMPOSSIBLE for him to even think about his own home on top of paying rent and child maintenance and trying to do nice things with his children too. Catch 22.

    Well done for saving up as you have 
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Surely they have to bring it in immediately or I can see solicitors and estate agents paying staff off until it picks up again . As their staff won't have much to do whilst people wait. So the chancellor better make sure this is properly thought about or more redundancies I think will be happening .
    Suspect will be a temporary measure to boost the new build market in particular. As for LL's how many will throw in the towel in the months ahead. 
  • danlightbulb
    danlightbulb Posts: 946 Forumite
    Part of the Furniture 500 Posts Name Dropper
    swajarbal said:
    Sounds to me like @danlightbulb is directing all their anger at their landlord, rather than wondering why they haven’t been able to save a deposit of their own in their ten years of renting.

    Perhaps @danlightbulb has sat round waiting for a handout in those ten years rather than cracking on and earning a bit more brass of their own?

    Care to retract the above assumptions now @SpiderLegs ?
    No not really.

    all that our colleague has demonstrated with their story is that 
    a. They want the landlord to pay for their misfortune
    b. That despite said misfortune they have managed to save enough to purchase a property and therefore stop paying their landlords mortgage off.
    c. They exited one property with 0 equity but yet think 100% mortgages are a fine idea.
    My story is irrelevant. I don't want anyone to pay for my misfortune, I just want a fair chance for long term security like others have. We should ALL have this, as citizens of a developed, socially just (supposedly) country.

    I am lucky that I do have a good job and was able to come out of the other side of my issues. There are many many people who are not able to, and they ARE locked into the private rental sector with no real way out. These people are being exploited by the current structure and high costs of the private rental sector and housing market.

    Its funny isn't it, that all sorts of inequality are tackled in this country, but housing inequality is not.
  • All that is going to happen is sellers/estate agents will just increase the house price as they know buyers do not have to pay stamp duty and will add it into the house prices, second steppers will be competing with each other, so instead of paying tax to the government to pay off our huge debt you will be paying to a private individual who is probably already making a huge profit on their house. 
  • SpiderLegs
    SpiderLegs Posts: 1,914 Forumite
    1,000 Posts Second Anniversary Name Dropper
    swajarbal said:
    Sounds to me like @danlightbulb is directing all their anger at their landlord, rather than wondering why they haven’t been able to save a deposit of their own in their ten years of renting.

    Perhaps @danlightbulb has sat round waiting for a handout in those ten years rather than cracking on and earning a bit more brass of their own?

    Care to retract the above assumptions now @SpiderLegs ?
    No not really.

    all that our colleague has demonstrated with their story is that 
    a. They want the landlord to pay for their misfortune
    b. That despite said misfortune they have managed to save enough to purchase a property and therefore stop paying their landlords mortgage off.
    c. They exited one property with 0 equity but yet think 100% mortgages are a fine idea.
    My story is irrelevant. I don't want anyone to pay for my misfortune, I just want a fair chance for long term security like others have. We should ALL have this, as citizens of a developed, socially just (supposedly) country.

    I am lucky that I do have a good job and was able to come out of the other side of my issues. There are many many people who are not able to, and they ARE locked into the private rental sector with no real way out. These people are being exploited by the current structure and high costs of the private rental sector and housing market.

    Its funny isn't it, that all sorts of inequality are tackled in this country, but housing inequality is not.

    Ah yes, the great utopia where everything is ‘fair’

    how is ‘fair’ that a landlord has to take all the risk of running their business but then give part of their (non-guaranteed) income away to a customer?
    There’s lots of things that people find unfair in life. For example, a SDLT holiday is inherently unfair since it is of no benefit to those at the bottom of the housing ladder, and all about helping those who have 300-500k to spend on a house. Doesn’t benefit the FTBers in Sunderland does it.

    Housing inequality in this country is a product of two factors.
    too many people
    not enough houses

    you don’t resolve the issue by further constraining supply in the way you would suggest. That just makes no sense.




  • Wkmg
    Wkmg Posts: 232 Forumite
    Fifth Anniversary 100 Posts Name Dropper
    What do people think “holiday” means? Does it imply simply a deferral of what a buyer will owe eventually or would it be that the tax isn’t ever levied/is permanently reduced?  I’m looking at a £36,000 bill when I complete in the near future. Any permanent reduction would be welcome but just postponing paying it a few months doesn’t really make any difference to me. 
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Wkmg said:
    What do people think “holiday” means? Does it imply simply a deferral of what a buyer will owe eventually or would it be that the tax isn’t ever levied/is permanently reduced?
    It will (if anything) almost certainly be a relief, not merely a deferral. You don't really get stamp duty deferral for anything.
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