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Offering part cash
bonnie_1964
Posts: 2 Newbie
Can anyone advice if this can be done,looking to put offer in on house(in Scotland)house is at fixed price,looking to put in offer,all we can get in a mortgage and cash to make up the difference,house has been on the market for a while,seller is a property developer who will not reduce the price,but willing to give the asking price.Any advice appreciated!
Bonnie:rolleyes:
Bonnie:rolleyes:
0
Comments
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What you're describing sounds like a deposit? I'm confused.:beer:0
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Do you mean cash (ie actual notes)? You cannot buy property with cash any more due to money laundering provisions. Your solicitor will insist that the money comes via a bank account.0
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It depends what you mean...
If you are trying to bypass stamp duty, then this is illegal and don't go there...
If you mean you have some savings and wish to put this towards a deposit on your property, then it is a different issue. Tell your mortgage broker. you are likely to get a better mortgage rate, as you offer more security to the lender.
And finally if you want to hand over a wad of notes see LandyAndy's post.0 -
Thanks it was EA that suggested it,to bypass stamp duty he says extra money would cover fixtures and fittings but sounds dodgy,thing is the house is overpriced for the area,guess we'll have to wait and see if he reduces the price!
Cheers!0 -
It is fine to pay an amount for fixtures and fittings, but you will need to demonstrate that you are paying a fair price. If you are close to the stamp duty margin, then expect it to be scrutinised by the taxman.0
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General_Mayhem wrote: »It is fine to pay an amount for fixtures and fittings, but you will need to demonstrate that you are paying a fair price. If you are close to the stamp duty margin, then expect it to be scrutinised by the taxman.
Your solicitor will (should:cool: ) advise you to be very careful about doing this as he won't be party to anything even slightly suspect. At the very least you would need a detailed and valued inventory. I also suspect that you would not be able to include carpets in the fix. and fitts. as the taxman would probably argue that these are normaly left behind.0
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