Delaying Stamp duty payment

RameshP_2

Hello All,
We are planning to purchase a property next year and are saving for the deposit. The issue is by next year we would be able to save only for the deposit and not for the stamp duty. Hence please advise if I can delay the stamp duty payment for 6-7 months after purchase of the property ? 

Tiglet2

No.  I believe stamp duty has to be paid within 14 days following completion, but most solicitors will want the money in their account the day before completion.

Slithery

Tiglet2 said:

No.  I believe stamp duty has to be paid within 14 days following completion, but most solicitors will want the money in their account the day before completion.

And if there is a mortgage lender involved, then their solicitor will insist upon it.

davidmcn

Yes, if it's a cash purchase then in theory you can delay payment (if you're prepared to pay the relevant penalties and interest, as well as tolerate the risks in delaying registration of your title). Not a chance if you are buying with a mortgage.

And if you're that short of cash, maybe you should be setting your sights a little lower anyway. 

greatcrested

Details here:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/799537/Penalties_for_late_Land_Transaction_return__SD7__guide.pdf

You will also not be able to transfer the Title into your name till HMRC have been paid.

wilfred30

It's your house purchase you need to delay until you can afford it, not the Stamp Duty.

BikingBud

Oh look it's that affordability elephant again.