STAMP DUTY HOLIDAY

jonnygee2

Shame the reduction wasn't back-dated to when the markets re-opened as there will be lots in his position. We need Martin to start a campaign to get this decision back-dated to help homeowners who supported the markets by completing as soon as the markets opened and didn't pull out due to Covid-19. 

I mean there's optimistic and then there's just fanatasy land. Backdate stamp duty exemptions? 0.00000% chance of that ever happening, sorry.

Your son has paid something he can afford and hopefully got a house he is happy with. What happens with sales after that isn't worth thinking on, just celebrate the house purchase and be happy for him.

jonnygee2

Do you think we are in a position to negotiate with the builders on the £5000 they're not paying towards stamp duty anymore - or do you think its something they'll just cancel? 

You can - but if I were you I'd ask for something like a spec upgrade, you'll have more chance. 

The reason they offer things like stamp duty refunds is so that it inflates the value of the property, and encourages others to pay what you've paid. They won't be keen to 'set' the value at a lower rate, but they might be happy to spend that 5k elsewhere.

p00hsticks

jonnygee2 said:

I mean there's optimistic and then there's just fanatasy land. Backdate stamp duty exemptions? 0.00000% chance of that ever happening, sorry.

Actually, SDLT changes have been backdated in the past - when the way SDLT applied to shared ownership properties was changed. people could get a refund

https://pmpl.co.uk/general/sdlt-relief-change-for-shared-ownership-properties/

Not to say it will happen now - the OP is mistaken when they say there was no media speculation last week, so her son could have hung off .

Marvel1

maryconnolly said:

My son completed on a property on Friday in London and paid stamp duty under the old calculation.  Really disappointed for him that there had been no media coverage of possible change to stamp duty as he would have delayed the completion to this week.  He was under pressure from the seller to complete by 3rd July and has lost out and paid £19.5 k in stamp duty as opposed to £4.5k under the new rules. It took him several years to save for his deposit and fees. This was his first home purchase and he had already lost over £1k in fees and survey costs due to the first property he was hoping to buy falling through due to Covid-19. Shame the reduction wasn't back-dated to when the markets re-opened as there will be lots in his position. We need Martin to start a campaign to get this decision back-dated to help homeowners who supported the markets by completing as soon as the markets opened and didn't pull out due to Covid-19. 

I wish for a  campaign to get back to what I paid for my house in 2007 as shortly after the market crashed and not recovered to this date, it's life it happens.

DizzyPurr

I want to sell the home I live in and buy another. I own one additional property that I rent out, I have never lived there and don’t plan to. Would have to pay the 3% second home levy and if so is there a work around.

grumiofoundation

DizzyPurr said:

I want to sell the home I live in and buy another. I own one additional property that I rent out, I have never lived there and don’t plan to. Would have to pay the 3% second home levy and if so is there a work around.

You won’t be owning more properties at the end of the transaction so no. 

You will not pay the extra 3% SDLT if the property you’re buying is replacing your main residence and that has already been sold (From gov website). 
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

Grumpy_chap

maryconnolly said:

My son completed on a property on Friday in London and paid stamp duty under the old calculation.  Really disappointed for him that there had been no media coverage of possible change to stamp duty as he would have delayed the completion to this week.  

There has been so much speculation about a stamp duty exemption in the news for the past few weeks, I can only assume you and your son have been living on the moon ?!

maryconnolly said:

Shame the reduction wasn't back-dated to when the markets re-opened as there will be lots in his position. We need Martin to start a campaign to get this decision back-dated to help homeowners who supported the markets by completing as soon as the markets opened and didn't pull out due to Covid-19. 

That won't happen.  Why not join all the other souls with absurd delusions at #Excluded ?

boxer234

Although I can completely understand how soul destroying missing out on this must be the economy is in a terrible state.  The country is in massive debt, 3 million people will lose their jobs. Paying back stamp duty that people could obviously afford at the time is just not a good use of money.