Stamp Duty paid by builder

davidmcn

ankm said:

davidmcn said:

ankm said:

San_Jose said:

ankm said:

My Builder and Agent just called and they dont want to pay any incentive back ! and just wipe off hands of that incentive.
So it seems like chancellors decision (atleast in my case) is helping the builder than the buyer. So disappointing !

What stage are you at if you don't mind me asking? Have you completed yet?

Nope I have exchanged and completing tomorrow  !

So what does your contract say about it? It doesn't matter what the builder or their agent would like to happen.

It says and I quote :
First time buyer stamp duty paid at £10K  and £1000 toward legal fees ( under incentives section) 

I would say that £10k means £10k then.

jon81uk

ankm said:

davidmcn said:

ankm said:

San_Jose said:

ankm said:

My Builder and Agent just called and they dont want to pay any incentive back ! and just wipe off hands of that incentive.
So it seems like chancellors decision (atleast in my case) is helping the builder than the buyer. So disappointing !

What stage are you at if you don't mind me asking? Have you completed yet?

Nope I have exchanged and completing tomorrow  !

So what does your contract say about it? It doesn't matter what the builder or their agent would like to happen.

It says and I quote :
First time buyer stamp duty paid at £10K  and £1000 toward legal fees ( under incentives section) 

Maybe get some advice from a contracts lawyer, but I would read that as they owe you £10k. If it stated "first time buyer stamp duty paid" then it is at the prevailing rate on completion, but I would understand that as a £10k incentive.

grefalo

My incentives say "to provide a stamp duty contribution of £15,000"

Still not sure what position this puts me in legally. Had they not been paying for stamp duty I would have pushed for more incentives. 

San_Jose

It will be interesting to see what builders generally start coming back with. I've not chased mine yet today, but their website is now down...which could be an omen... or they are frantically increasing prices on their new builds +£15k

monkeymarbles

grefalo said:

My incentives say "to provide a stamp duty contribution of £15,000"

Still not sure what position this puts me in legally. Had they not been paying for stamp duty I would have pushed for more incentives. 

The obligation under the new changes remains between the buyer and the government. It's not up to the builder to decide whether or not you have a stamp duty obligation. If you've exchanged and it's clearly stated then you'll be fine. Wait for a major developer to make a formal confirmation (you'll see things on this forum no doubt), seek confirmation from your solicitor and you should be fine. Only risk I think is if you haven't exchanged as it could be difficult to prove given there is limited legal standing to work from. The Govt hasn't done this to help builders line their pockets even more and I'm sure if this prevails they will have to issue something clearer, or The Law Society will as every conveyancer and buyer with this incentive will need clear guidance. Perhaps wait for a few people to complete in the next few weeks as it'll be crystal clear on the outcome of this.

grefalo

monkeymarbles said:

grefalo said:

My incentives say "to provide a stamp duty contribution of £15,000"

Still not sure what position this puts me in legally. Had they not been paying for stamp duty I would have pushed for more incentives. 

The obligation under the new changes remains between the buyer and the government. It's not up to the builder to decide whether or not you have a stamp duty obligation. If you've exchanged and it's clearly stated then you'll be fine. Wait for a major developer to make a formal confirmation (you'll see things on this forum no doubt), seek confirmation from your solicitor and you should be fine. Only risk I think is if you haven't exchanged as it could be difficult to prove given there is limited legal standing to work from. The Govt hasn't done this to help builders line their pockets even more and I'm sure if this prevails they will have to issue something clearer, or The Law Society will as every conveyancer and buyer with this incentive will need clear guidance. Perhaps wait for a few people to complete in the next few weeks as it'll be crystal clear on the outcome of this.

Thanks, 

I dare not put my hopes up. after all we've been through to get this house, it would be amazing to get a discount.

My solicitor appears to be at a loss. we exchanged ages ago (january).

will keep following this thread to see how others have been handled.

ankm

jon81uk said:

ankm said:

davidmcn said:

ankm said:

San_Jose said:

ankm said:

My Builder and Agent just called and they dont want to pay any incentive back ! and just wipe off hands of that incentive.
So it seems like chancellors decision (atleast in my case) is helping the builder than the buyer. So disappointing !

What stage are you at if you don't mind me asking? Have you completed yet?

Nope I have exchanged and completing tomorrow  !

So what does your contract say about it? It doesn't matter what the builder or their agent would like to happen.

It says and I quote :
First time buyer stamp duty paid at £10K  and £1000 toward legal fees ( under incentives section) 

Maybe get some advice from a contracts lawyer, but I would read that as they owe you £10k. If it stated "first time buyer stamp duty paid" then it is at the prevailing rate on completion, but I would understand that as a £10k incentive.

When you saay contracts lawyer is it someone different from my Conveyancing solicitor?

ankm

monkeymarbles said:

grefalo said:

My incentives say "to provide a stamp duty contribution of £15,000"

Still not sure what position this puts me in legally. Had they not been paying for stamp duty I would have pushed for more incentives. 

The obligation under the new changes remains between the buyer and the government. It's not up to the builder to decide whether or not you have a stamp duty obligation. If you've exchanged and it's clearly stated then you'll be fine. Wait for a major developer to make a formal confirmation (you'll see things on this forum no doubt), seek confirmation from your solicitor and you should be fine. Only risk I think is if you haven't exchanged as it could be difficult to prove given there is limited legal standing to work from. The Govt hasn't done this to help builders line their pockets even more and I'm sure if this prevails they will have to issue something clearer, or The Law Society will as every conveyancer and buyer with this incentive will need clear guidance. Perhaps wait for a few people to complete in the next few weeks as it'll be crystal clear on the outcome of this.

Thinking I should write to Rishi Sunak for clear guidelines

davidmcn

ankm said:

jon81uk said:

ankm said:

davidmcn said:

ankm said:

San_Jose said:

ankm said:

My Builder and Agent just called and they dont want to pay any incentive back ! and just wipe off hands of that incentive.
So it seems like chancellors decision (atleast in my case) is helping the builder than the buyer. So disappointing !

What stage are you at if you don't mind me asking? Have you completed yet?

Nope I have exchanged and completing tomorrow  !

So what does your contract say about it? It doesn't matter what the builder or their agent would like to happen.

It says and I quote :
First time buyer stamp duty paid at £10K  and £1000 toward legal fees ( under incentives section) 

Maybe get some advice from a contracts lawyer, but I would read that as they owe you £10k. If it stated "first time buyer stamp duty paid" then it is at the prevailing rate on completion, but I would understand that as a £10k incentive.

When you saay contracts lawyer is it someone different from my Conveyancing solicitor?

No, your conveyancing solicitor is the person you should speak to if you need advice about your contract. They're the one who negotiated it and (I presume) advised you about it before you exchanged.

jon81uk

ankm said:

jon81uk said:

ankm said:

davidmcn said:

ankm said:

San_Jose said:

ankm said:

My Builder and Agent just called and they dont want to pay any incentive back ! and just wipe off hands of that incentive.
So it seems like chancellors decision (atleast in my case) is helping the builder than the buyer. So disappointing !

What stage are you at if you don't mind me asking? Have you completed yet?

Nope I have exchanged and completing tomorrow  !

So what does your contract say about it? It doesn't matter what the builder or their agent would like to happen.

It says and I quote :
First time buyer stamp duty paid at £10K  and £1000 toward legal fees ( under incentives section) 

Maybe get some advice from a contracts lawyer, but I would read that as they owe you £10k. If it stated "first time buyer stamp duty paid" then it is at the prevailing rate on completion, but I would understand that as a £10k incentive.

When you saay contracts lawyer is it someone different from my Conveyancing solicitor?

The solicitor should be the first contact, but there will also be specialist lawyers whose main job is contracts (not house purchases) so if you think it is worthwhile you could look to get further advice if your solicitor isn't certain. For potentially receiving £10k you may feel it worth seeking further help.