Stamp Duty Exemption

david_cox1990

Spencer310891 said:

david_cox1990 said:

Conveniently our solicitors have just sent over the stamp duty forms for us to sign at 11am....

Thats annoying!! What would be in it for them? I am due to exchange and complete today and it was my solicitor who emailed this morning advising I hold off until the announcement. 

Don't worry we had to sign - at a guess my assumption would be IF you'd signed the stamp duty agreement you'd be liable for this fee? I may be wrong of course, not sure of the ins and outs.

moneysavinghero

With the other packages also announced today, which make it much more attractive for employers to retain  / hire younger people (who are less likely to have homes or be able to afford one), a lot of older home owning people are going to be out of work and will find it difficult to get back into work in the shorter term. This is going to have a much bigger effect on house prices than a few % saving on stamp duty.

SillySallySo

We are technically purchasing a second home, although it is just because logistics dictate it will be easier to move first and then fix up this house we are in now when it is empty and then sell if that makes sense.
So I am guessing as the new house is under 500k it would be SDLT of 3% which is great,  however we had previously planned on claiming the refund back once the house we are in now sells as per the 1-3yr rule,  forgive me for rambling but will we still be able to do this?
I think if we were refunded under the previous second home rates it would equal to a similar amount that the new 3% SDLT will be, so we are better off all round but would be nice to know if we could claim it all back or not.

ILBfree1day

This is very unfair on buyers with second homes. The assumption that anyone buying a property that gets classed as a second home is an investor or somehow rolling in money and can afford the stamp duty is questionable.

If for example, you are stuck on a mortgage with a joint owner on a property who won't sell but you need desperately to move. I really think HMRC should consider the special circumstances for each case. In this regard, the governments stamp duty exemption holiday should take into account the wide range of circumstances that a home owner may be facing in regards to being penalised for being classed as a second home owner, when it is not their main residence and where the co-owner of the previous home thwarts every attempt to release you from this status.

foxy-stoat

Nice saving for you then.

davidmcn

david_cox1990 said:

Spencer310891 said:

david_cox1990 said:

Conveniently our solicitors have just sent over the stamp duty forms for us to sign at 11am....

Thats annoying!! What would be in it for them? I am due to exchange and complete today and it was my solicitor who emailed this morning advising I hold off until the announcement. 

Don't worry we had to sign - at a guess my assumption would be IF you'd signed the stamp duty agreement you'd be liable for this fee? I may be wrong of course, not sure of the ins and outs.

No, when you approve your solicitor's draft SDLT return has got absolutely nothing to do with the amount of SDLT which will actually apply to your transaction.

david_cox1990

davidmcn said:

david_cox1990 said:

Spencer310891 said:

david_cox1990 said:

Conveniently our solicitors have just sent over the stamp duty forms for us to sign at 11am....

Thats annoying!! What would be in it for them? I am due to exchange and complete today and it was my solicitor who emailed this morning advising I hold off until the announcement. 

Don't worry we had to sign - at a guess my assumption would be IF you'd signed the stamp duty agreement you'd be liable for this fee? I may be wrong of course, not sure of the ins and outs.

No, when you approve your solicitor's draft SDLT return has got absolutely nothing to do with the amount of SDLT which will actually apply to your transaction.

Perhaps this is where I'm assuming incorrectly then? I guess it's just so long as it's prior to exchange then, right?

MobileSaver

david_cox1990 said:

Don't worry we had to sign - at a guess my assumption would be IF you'd signed the stamp duty agreement you'd be liable for this fee? I may be wrong of course, not sure of the ins and outs.

The gov.uk site specifically states the new rules apply to purchases (i.e. Completion) starting today so when you signed/Exchanged does not affect anything; if you Complete from today regardless of when you Exchanged then you will not pay SDLT on properties up to £500,000 if it is your only property.