Stamp Duty paid by builder

yvmilne

My lender doesn’t accept cash contributions but are making exceptions for this (Santander) yay

SDLT_Geek

These issues are discussed in a blog here https://www.blakemorgan.co.uk/stamp-duty-land-tax-holiday/

liamdh1

Is anybody in a similar situation with Avant Homes? We were meant to exchange on Friday on a house with our agreement saying "Financial deduction: £xxk (stamp duty)" and have not hit a brick wall. Developer policy is our incentive is to be removed as, in their words, "the buyers are still in the same financial position" - whilst they pocket the extra profit as a result...scandalous!!

yvmilne

Other developers are offering cashback so they should do the same, we are still waiting for Bovis to confirm

tinytiddles

MrLogical said:

So we now have Bellway and Redrow agreeing to honour their promise which is fantastic. Any other developers we can add to the list which will help people with these discussions?

We are buying with Taylor Wimpey and they called us (without prompting) to offer the stamp duty contribution as a cash deposit contribution instead. 

Must admit, we were pleasantly surprised at their stance as we expected to be told to jog on and lose the incentive. 

cass88

yvmilne said:

Other developers are offering cashback so they should do the same, we are still waiting for Bovis to confirm

We're waiting on Linden Homes (Vistry group with Bovis). Apparently they have a meeting on Wednesday to decide their decision. Shocking to read some companies are ducking out claiming no financial impact to the buyer

nTierWorld

We are in a similar situation, they have offered a partial incentive in the form of fittings and profiting up £10k, anybody has experience with Catalyst Housing.

MrLogical

tinytiddles said:

MrLogical said:

So we now have Bellway and Redrow agreeing to honour their promise which is fantastic. Any other developers we can add to the list which will help people with these discussions?

We are buying with Taylor Wimpey and they called us (without prompting) to offer the stamp duty contribution as a cash deposit contribution instead. 

Must admit, we were pleasantly surprised at their stance as we expected to be told to jog on and lose the incentive. 

Thank you for sharing. It’s great to see the list of builders doing the right thing growing! If you are reading this and can add a developer to the list, please do. It will help others so much. Thanks.

yvmilne

Hi can someone please explain how a cashback incentive would work?  I have just had the below reply from my builder 

"Has it been explained to you that when a lender says cash back you don’t actually physically get cashback?" followed by this from the solicitor 

"I will draft you statements to show how the allowance works against the purchase price that is the easiest way to show for you" but that she can't do this until tomorrow?

davidmcn

yvmilne said:

Hi can someone please explain how a cashback incentive would work?  I have just had the below reply from my builder 

"Has it been explained to you that when a lender says cash back you don’t actually physically get cashback?" followed by this from the solicitor 

"I will draft you statements to show how the allowance works against the purchase price that is the easiest way to show for you" but that she can't do this until tomorrow?

In practice it just gets discounted from the price.