Stamp Duty on New Build: Need clarification
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I am sure this has been raised previously following yesterday’s announcement in regards to SDLT, but we would greatly appreciate any input as our situation is a little complex and unique.
We have purchased a new build property, we are first time buyers and using the benefit of the equity loan scheme too, we exchanged contracts October 2019, due to complete August 2020, in both our mortgage offer and contracts it is written that the house builder has offered to pay a £14k incentive to the then owed £19k total SDLT for the property, thus leaving us with the remaining £5k. Where do we we stand in regards to the £14k originally being paid by the house builder, do we have a right to ask for the difference between what they will now pay (£4,750) instead of the previous £14k? As the incentive is written into our mortgage offer will this be affected by the change in the stated figures/incentives? We are confident we won’t now have to pay the £5k that was remaining on our part following this announcement, which is a great immediate saving, but want to know if we could be entitled to more? If the house builder is not willing to refund the £9k difference, which I feel may well be the case, we will ask them to clear the remaining balance on the agreed extras for our property, which I think is very fair and achievable considering it is only £3k outstanding on our account.
I look forward to your comments, thank you all in advance.