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New build and stamp duty incentive
smoggy89
Posts: 1 Newbie
Hi all
I'm looking for any advice on something that is quite literally keeping me up at night. I've recently reserved a new build house which is due to be completed by spring 2021. The sales assistant said they expect it to be finished by March.
This is obviously cutting it close to the stamp duty incentive and when I enquired as to what they could do for me should the march deadline be passed she said we can only discuss that if that is indeed what looks likely.
I'd like to spend 20k on upgrades and/or carpets, tiling etc from external companies. This pushes me to the edge of my savings and the upgrades from the developer had to be decided before the end of this year. If I pay for these items and then suddenly get the nasty surprise of having to pay stamp duty I would/could be in a sticky situation. Stamp duty in this case would be 13k. I'm already racking my brain on any little savings I could make in the next 6 months for a just in case scenario but it's causing me a lot of stress and anguish.
The ideal scenario would be to get a promise from the developer that they would cover stamp duty should there be a delay but her refusal to talk about it is making life difficult. Would it be worth speaking to my solicitor to sort an agreement or is it very much down to me and the same team?
Any advice would be appreciated.
I'm looking for any advice on something that is quite literally keeping me up at night. I've recently reserved a new build house which is due to be completed by spring 2021. The sales assistant said they expect it to be finished by March.
This is obviously cutting it close to the stamp duty incentive and when I enquired as to what they could do for me should the march deadline be passed she said we can only discuss that if that is indeed what looks likely.
I'd like to spend 20k on upgrades and/or carpets, tiling etc from external companies. This pushes me to the edge of my savings and the upgrades from the developer had to be decided before the end of this year. If I pay for these items and then suddenly get the nasty surprise of having to pay stamp duty I would/could be in a sticky situation. Stamp duty in this case would be 13k. I'm already racking my brain on any little savings I could make in the next 6 months for a just in case scenario but it's causing me a lot of stress and anguish.
The ideal scenario would be to get a promise from the developer that they would cover stamp duty should there be a delay but her refusal to talk about it is making life difficult. Would it be worth speaking to my solicitor to sort an agreement or is it very much down to me and the same team?
Any advice would be appreciated.
0
Comments
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Might want to read this thread which on a quick glance looks to be very similar.
https://forums.moneysavingexpert.com/discussion/6177419/stamp-duty-holiday-completion-date-clauses#latest
2024 wins: *must start comping again!*1 -
Nothing to do with your solicitor. It's down to you to use your negotiating skills with the sales person at the developer. You will need to get them to agree to pay stamp duty as an incentive at the prevailing rate on completion (so if completion is before March 31st they pay nothing). You will need to get this agreed in writing as part of the reservation process, not later on. It will need to be noted on your reservation form as an incentive. The solicitor will then action it when the purchase is completed.1
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best check whether the date when the stamp duty holiday ends apply to completion date or exchange date. for other tax changes on property sales, the date was the exchange date. as it is a new build, i understand you exchange quite early on in the process?0
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It is the completion date.AskAsk said:best check whether the date when the stamp duty holiday ends apply to completion date or exchange date. for other tax changes on property sales, the date was the exchange date. as it is a new build, i understand you exchange quite early on in the process?
1
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