Stamp Duty

sbrooksbank

We recently completed on a new home purchase 7 days before the government announced the freeze on what stamp duty payments are moving to.  Surely if those that did not pull out for forced or other reasons from a new house purchase, we kept the economy moving and therefore should be allowed back dated compensation to have our stamp duties paid to the same as this from the 7th July 2020. After all we could not afford to go back for a revised mortgage offer to get a better rate as the risk of losing our dream home could have been a reality. Do you think that those in 'mortgage offer' going back say 2 or 3 months from the announcement will be entitled to a refund?

mortgagetakingages

sbrooksbank said:

We recently completed on a new home purchase 7 days before the government announced the freeze on what stamp duty payments are moving to.  Surely if those that did not pull out for forced or other reasons from a new house purchase, we kept the economy moving and therefore should be allowed back dated compensation to have our stamp duties paid to the same as this from the 7th July 2020. After all we could not afford to go back for a revised mortgage offer to get a better rate as the risk of losing our dream home could have been a reality. Do you think that those in 'mortgage offer' going back say 2 or 3 months from the announcement will be entitled to a refund?

Whenever changes are made there are winners and losers. No avoiding it and if it was back dated the whole point of it wouldn't be valid. It was to incentivise non movers not reward those already moving. So no i don't think you will be entitled whilst i sympathise that it must be annoying to those not benefiting. 

Wishing you every success and happiness in your new home. 

Caz3121

sbrooksbank said:

 Do you think that those in 'mortgage offer' going back say 2 or 3 months from the announcement will be entitled to a refund?

this was discussed at length back in July and the answer appeared to be "no"
https://forums.moneysavingexpert.com/discussion/6166456/stamp-duty-holiday-back-dated/p1

sbrooksbank

mortgagetakingages said:

sbrooksbank said:

We recently completed on a new home purchase 7 days before the government announced the freeze on what stamp duty payments are moving to.  Surely if those that did not pull out for forced or other reasons from a new house purchase, we kept the economy moving and therefore should be allowed back dated compensation to have our stamp duties paid to the same as this from the 7th July 2020. After all we could not afford to go back for a revised mortgage offer to get a better rate as the risk of losing our dream home could have been a reality. Do you think that those in 'mortgage offer' going back say 2 or 3 months from the announcement will be entitled to a refund?

Whenever changes are made there are winners and losers. No avoiding it and if it was back dated the whole point of it wouldn't be valid. It was to incentivise non movers not reward those already moving. So no i don't think you will be entitled whilst i sympathise that it must be annoying to those not benefiting. 

Wishing you every success and happiness in your new home. 

Lets hope this is the new PPI claim in years to come, cannot see the fairness in those unable to back out for the greater loss it could have caused

[Deleted User]

I do sympathise. I pulled out of a BTL purchase in March for reasons. Glad I did.

I had intended to wait for the market to stabilise post covid - but stamp duty holiday ( on the bulk of the cost not the extra ) meant I was spurned into buying again, just as the Chancellor wanted.  

MWT

sbrooksbank said:

Lets hope this is the new PPI claim in years to come, cannot see the fairness in those unable to back out for the greater loss it could have caused

No similarity there at all, I'd give up hope on that now, rather than dwelling on what might have been.

Consider that you were lucky to complete the purchase before the mortgage companies started increasing the deposit percentages and valuations started falling...

There has to be a line drawn somewhere with any change like this.

pjread

I bought in December; a cheque for the stamp duty drop would be appreciated but I'm pretty sure I won't receive it.  As MWT says, there's a line drawn and we're the other side of it - but since we were presumably happy with our actions at the time knowing the rules and costs we can't really complain. 

tweet86

If it was me I would be absolutely gutted, however where would the cut off be? The intention was to keep the property market moving. 

We sold our house in February and completed in May. We moved into rented and intended on waiting until prices dropped unless we saw a house we couldn’t turn down. The stamp duty holiday plus saving a years rent has coerced us into buying now and we’re due to complete in the next few weeks 

davidmcn

sbrooksbank said:

mortgagetakingages said:

sbrooksbank said:

We recently completed on a new home purchase 7 days before the government announced the freeze on what stamp duty payments are moving to.  Surely if those that did not pull out for forced or other reasons from a new house purchase, we kept the economy moving and therefore should be allowed back dated compensation to have our stamp duties paid to the same as this from the 7th July 2020. After all we could not afford to go back for a revised mortgage offer to get a better rate as the risk of losing our dream home could have been a reality. Do you think that those in 'mortgage offer' going back say 2 or 3 months from the announcement will be entitled to a refund?

Whenever changes are made there are winners and losers. No avoiding it and if it was back dated the whole point of it wouldn't be valid. It was to incentivise non movers not reward those already moving. So no i don't think you will be entitled whilst i sympathise that it must be annoying to those not benefiting. 

Wishing you every success and happiness in your new home. 

Lets hope this is the new PPI claim in years to come, cannot see the fairness in those unable to back out for the greater loss it could have caused

Don't be daft. There's always a definite cut-off date when stamp duty (or any other tax) changes. If you could afford to proceed with your purchase then the cut wasn't aimed at you anyway.