Petition: Stamp duty holiday to be triggered upon exchange of contracts

AnotherJoe

Lavendyr said:

Thanks @AnotherJoe for your considered response. I actually agree with your suggestion of tapering down gradually. There is already tapering in place in the govt plans but I think it could be more tapered to reflect actual house prices.
I don't doubt that the market will still be fine in October. Stamp duty isn't the only factor - let's not forget the new gov backed 95% mortgages. 

OK so now I'm mystified what your concern is about then?

IMO your idea was poorly thought through (eg why on exchange as its justa week or two, and why not much more tapered) and by your own admission, unnecessary if the housing market will be fine once its passed,  and those who will be "financially punished" by it ending are now going into it with their eyes open , many have already had one bite at the cherry, then got another bite and a half.

Thats enough for them i think.

davilown

TBG01 said:

solicitors have taken on too much work as everything  is taking  a long time and there are always  last minute hold ups

If I wanted to complete on Friday but there was any removable companies available until the following week, would that be the Solicitors fault? 

Nope, that’s on you

Getting_greyer

Could it have been done a different way? 
Perhaps the sdlt could be have been paid as normal then claimed back if completed during the window.  This would have ensured people had the cash for sdlt if needed, it may have stopped a rapid price increase. That way seen as a bonus if you complete in time without causing potential collapses.  Would this have stimulated the market as much?? Who knows.
But then it's not like the window dates have been a secret is it.

Lavendyr

AnotherJoe said:

Lavendyr said:

Thanks @AnotherJoe for your considered response. I actually agree with your suggestion of tapering down gradually. There is already tapering in place in the govt plans but I think it could be more tapered to reflect actual house prices.
I don't doubt that the market will still be fine in October. Stamp duty isn't the only factor - let's not forget the new gov backed 95% mortgages. 

OK so now I'm mystified what your concern is about then?

IMO your idea was poorly thought through (eg why on exchange as its justa week or two, and why not much more tapered) and by your own admission, unnecessary if the housing market will be fine once its passed,  and those who will be "financially punished" by it ending are now going into it with their eyes open , many have already had one bite at the cherry, then got another bite and a half.

Thats enough for them i think.

I think I've been very clear throughout what my concern is.
I disagree that my point is poorly thought through. I'd also like to point out that I am not the OP. 
I think the housing market will be fine in October because of the other measures being put in place. I thought that was clear. 
I'm quite aware that I am alone in my opinions in a forum full of people with strong opinions, many of whom have probably not experiencd the current state of the property market. 

I'm done here; while I continue to hold my view I don't believe there is anything to be gained by further debate. 

Coituner_82

davilown said:

Omg get a grip. You’ve had plenty of time to take advantage of a really good tax break. 

If you’re not happy with the timings, don’t buy or pay your solicitor extra to complete on time.
why on earth do people think a petition is going to change the fact that they’ve taken too long to choose a house or that their seller has realised they’ve offered too much so need to reduce and delay the sale.

This is a very narrow minded response from someone who clearer has not read all of the petition. 

Coituner_82

Lavendyr said:

Not quite accurate. Most will build the stamp duty expense into their purchase price, as it forms a substantial cost. 

Were you in a position of buying a house within the stamp duty holiday? I was. Had we been unable to complete within that window we would have dropped our offer accordingly. It’s not a bonus and there is no saving; it’s a way of propping up house prices and keeping the market moving. Our vendors recognised this and acted accordingly by moving into rented accommodation to ensure the sale went through (this was before the extension). 

To be clear, I am absolutely not suggesting keeping on extending it. Just seems fair to say that if you have contracted to pay £X for a house before the holiday deadline - i.e. if you have exchanged - then the government will contract with you that you will benefit from the stamp duty holiday. Simple as that.I don’t see why that is so upsetting.

Completely agree with Lavendyr. People are not reading the petition properly. I know several people who have bought new builds with a period between exchange and completion set at approx 9 months, the builders don't have to set a specific date. 12 months later, still nowhere near completion. All due to covid delays. This petition would really help people in that situation. Anyone who disagrees with this petition are clearly not buying a house at the moment, definitely not buying a new build. 

Coituner_82

stevenbecca said:

exchange and complete sameday, solves that problem 

Not possible with a new build, which is what the petition is aimed at, from what I've just read? Unless I'm reading it wrong? 

AdrianC

Coituner_82 said:
I know several people who have bought new builds with a period between exchange and completion set at approx 9 months, the builders don't have to set a specific date. 12 months later, still nowhere near completion. All due to covid delays.

Such are the risks of buying off-plan. Other SDLT changes could go through in the interim, even in normal times without a holiday.

And, no the delays are NOT "all" due to Covid - if they've gone from 9mo to 12mo+, then the Covid delays are currently three months. How far away is their long-stop?

SaverRate

Nope! Do not agree

Coituner_82

NameUnavailable said:

I was waiting to see something like this - kicking the SDLT holiday down the road it was inevitable there'd be another uproar from those who are in the process of buying and might lose out. 

Personally, the sooner it ends the better, it's just causing mayhem and taxpayers are giving money away to people who really don't need it as much as others who have been affected by Covid impact. 

From what I can see this petition wouldn't kick it down the road / extend it, it would just enable more people to be included within the government set time line? It's a way of managing the mayhem that's been caused. Good policy, but needs managing correctly. Now's the time to manage it correctly. It needs gently caressing. 
From your response, can I safely assume that you aren't buying a new build house at the moment?