Stamp Duty paid by builder

ChloeHanlon22

San_Jose said:

Just an update on my situation as I've got hold of my builder. Im yet to complete on my property and they are offering me a voucher for options upto the same value of stamp duty they would have paid. Which I'm personally happy about as we were going to pay for some of these options anyway. I have also gone back to them and asked if I can have some of it used for legal fees as well. 

If you don’t mind me asking, who was your builder? We have already paid 3k for some extras, but this makes us a little hopeful! 

MrLogical

San_Jose said:

Just an update on my situation as I've got hold of my builder. Im yet to complete on my property and they are offering me a voucher for options upto the same value of stamp duty they would have paid. Which I'm personally happy about as we were going to pay for some of these options anyway. I have also gone back to them and asked if I can have some of it used for legal fees as well. 

What was the wording in your contract? Are you sure you are not entitled to cash. You should check this first before accepting. If the wording was more in their favour and this is a good will gesture, then I would also accept.

San_Jose

Yeah I'm not accepting it until Ive given it some thought. Also fully aware that us getting the builder to pay options (which they in turn make money on) is better for them...The wording on my reservation is,

Costs to be paid by builder: 14k
Details of costs to he paid by builder: 14k stamp duty.

We were already getting all our flooring done. When we looked at the options brochure we were expecting to pay around 10k for additions so this works out about right in our situation. Granted a voucher may not be for everyone but it's an admission they are willing to do something for us at this stage at least.

Jimbo255

I too am watching with baited breath on this one but I haven't exchanged yet and I am willing to stand strong and demand it or we will walk away but I just read the Mortgage Offer doc and this is the statement that they make.

"In making this mortgage offer we have been made aware you will be receiving cash incentives from the vendor to the value of GBPXXX"

The way that I interpret that is that as far as the Lawyers and the bank see it is as cash.  I've asked my Lawyer to confirm but as much as I love the house I am willing to walk away and the developer has already written down the discount from the sale so they shouldn't see the affect on their P&L

grefalo

Just spoken to our developer. They say that as we’ve already exchanged, there’s nothing they can do. We get nothing. They pay nothing. But their bank balance shows an unexpected 15k at the end of all this. Lovely.

San_Jose

grefalo said:

Just spoken to our developer. They say that as we’ve already exchanged, there’s nothing they can do. We get nothing. They pay nothing. But their bank balance shows an unexpected 15k at the end of all this. Lovely.

What does your contract with them say?

grefalo

San_Jose said:

grefalo said:

Just spoken to our developer. They say that as we’ve already exchanged, there’s nothing they can do. We get nothing. They pay nothing. But their bank balance shows an unexpected 15k at the end of all this. Lovely.

What does your contract with them say?

That they would make a contribution of £15k towards stamp duty. 

San_Jose

I'd be inclined to seek legal advice. What has your solicitor said?

davidmcn

grefalo said:

Just spoken to our developer. They say that as we’ve already exchanged, there’s nothing they can do. We get nothing. They pay nothing. But their bank balance shows an unexpected 15k at the end of all this. Lovely.

I'm sure that's how the developer would like to interpret the contract, but they're not really who you should be seeking advice from.

grefalo

San_Jose said:

I'd be inclined to seek legal advice. What has your solicitor said?

To negotiate with the developer directly.