Stamp duty holiday ?

OleSmokey

jbpaton said:

OleSmokey said:

Having seen the news this afternoon, I'm now desperately trying to get hold of my conveyancing solicitor.  However, I imagine she is pretty inundated with calls at the moment and seems to have disappeared off the face of the earth.  Wondering if anyone here might be able to help with an answer to the following question:

Is the date of exchange in any way relevant to this?  If I exchanged contracts two weeks ago, but complete on Friday, my understanding is that I would benefit from the SDLT Holiday?  Thanks in advance for any replies.

My understanding is the same. Martin Lewis thinks also. Our solicitor isn't 100% but is generally agreeing. We complete on Friday too, so fingers crossed...

Good luck.  I've just seen the Martin Lewis tweet as well - he's not often wrong, and my solicitor says she's waiting for an official directive from her firm's partners.  If I get anything official I'll update on here...

gingercordial

sukhshant said:

As officially announced today about the Stamp Duty Holiday. I have reserved a new build house last month with due to exchange the contract by next week. I reserved the house through Barratt and they gave a promotional offer of paying 80% towards the stamp duty and remaining 20% I will be paying. Now that government has announced that no stamp duty holiday. The builders said the promotion scheme will not be compensated. What can be done in regards to this, since they were paying for the stamp duty and now even, they don't have to pay. I asked if they can contribute to toward other benefit as per commitment to which they mentioned they cannot. 

Please assist on this.

It isn't "they cannot", it is "they will not".  They don't want to, as they want to keep the windfall.

There were lots of questions on this when the FTB exemption came in, however long ago that was.  Plenty of people were in the same situation then, with "stamp duty paid" as an incentive which was now going to be nil anyway.

As I recall, the outcomes were mixed.  Some buyers managed successfully to negotiate some other replacement benefit or price reduction.  Some developers absolutely refused to budge.  There's nothing anyone on here can do to help - it's going to be completely down to your negotiating skills and willingness to walk away.

GixerKate

OleSmokey said:

Having seen the news this afternoon, I'm now desperately trying to get hold of my conveyancing solicitor.  However, I imagine she is pretty inundated with calls at the moment and seems to have disappeared off the face of the earth.  Wondering if anyone here might be able to help with an answer to the following question:

Is the date of exchange in any way relevant to this?  If I exchanged contracts two weeks ago, but complete on Friday, my understanding is that I would benefit from the SDLT Holiday?  Thanks in advance for any replies.

Have a look at the calculator, its been updated and if you put in the completion date for Friday you would benefit from the SDLT holiday.... - https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

nicky_m_80

I’m in the middle of buying a house at the minute and haven’t completed. Does this mean we will get this holiday?

thanks 

OldMusicGuy

Try it yourself here: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
According to the government SDLT calculator, new rates apply if you complete after 8th July.

richam

We completed last Tuesday on a Shared Ownership property but opted to only pay SDLT on the percentage we own (SDLT would have been £5k but as we were first-time buyers it was £0.)

I wonder if we bought an extra 10% (to bring us up to 80% ownership) before next March we can opt then to pay SDLT on the full market value, which would be under the threshold and therefore pay £0? Saving us £££ in the long-term when we staircase to 100%. 

OleSmokey

OldMusicGuy said:

Try it yourself here: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
According to the government SDLT calculator, new rates apply if you complete after 8th July.

Certainly looks like good news based on that.  Like any policy of this nature, really feel for the people who will have just missed out.  We were initially scheduled to complete on the 3rd, but had to delay a week due to a couple of little details - thank god...  

faisalq

Hi All, I had negotiated a stamp duty of around 18k and agreed to pay asking price to the builder St. Modwen. Now I have asked them to to reduce the price since the property has very less stamp duty and they have refused. Anyone else in the same situation and any idea what is being done in this case?

hazyjo

There are similar threads. I'm not sure I understand as you're surely still paying the same? Does it matter who is paying your stamp duty, so long as its not you?

faisalq

hazyjo said:

There are similar threads. I'm out sure I understand as you're surely still paying the same? Does it matter who is paying your stamp duty, so long as its not you?

It does matter because I agreed on the asking price if builder pays 18K stamp duty which means 18k saving for me. Now the stamp duty is hardly 4k which means 14k should be discounted from the price. The stamp duty relief is to benefit buyers not the builders. One of the builder is honoring this, just got to know from someone I know.