Exchanging next week but can't complete available

MrsBrush

Much as I agree with the sentiments here, and believe me, after months of delays I am desperate to get moved and save the £2500 if possible - but you must look at the bigger picture here.

If you pull out of the transaction this close to exchange, 10 days before the deadline, you will definitely not benefit from the reduction. You will have incurred fees from valuations, surveys, mortgage application fees, searches, solicitors fees for work done to date etc, which will all still be payable because the work has been done. There is also no guarantee of an alternative property being at a similar price (and with so little on the market, competition is high and prices rocketing!), and of course there is no guarantee of a further set of circumstances / delays that will take another 3-4 months before you finally move. Is it worth all of that for the sake of £2500 and a bit more patience?

better to either have a conversation with others in the chain to see what everyone wants to do collectively, maybe all reduce by £2500 (which may delay things further depending on finances etc) or just suck it up, knowing that the property value is likely to be higher than it was when you put the offer in!

lookstraightahead

980233 said:

I love these angry angry "beating stamp" rationals. It was a bonus during a pandemic,  people should always account for the normal SDLT in any purchase. I've exchanged yesterday with a a longstop but there is no knashing of teeth over missing the window after June and October. 

It's not just missing out on stamp duty though, it's anyone faffing around not wanting to put themselves out and move while someone further down the chain is paying for the inconvenience.

People who sell their properties should account for actually making an effort to move, rather than constantly window shopping.

i agree if you can't afford stamp duty you need to rethink your finances but the waiting and waiting for someone to get their bum in gear is far more expensive for most.

Flugelhorn

agree @MrsBrush - not directly involved at present last property I bought was February - someone asked me to witness documents for sale and was muttering about the fees they were being charged - sounded like at least twice what we were charged for similar last year - bang goes any saving on the SDLT

MaryNB

lookstraightahead said:

980233 said:

This is not remotely plausible, ignore what the estate agent is saying and 'beating stamp duty' is no reason to rush people. There is no way the people waiting for a new build will agree completion without minimum 10 days notice from the developer. 

Beating stamp duty is clearly a reason for the op, rightly so, so if I was op I would threaten to pull out, and pull out if necessary.
or, op, seller could reduce price by stamp duty amount.

What's the point in pulling out? OP is never gonna meet the stamp duty deadline with another property and the seller knows that. If they pull out they're cutting of their nose to spite their face. They have to start the whole process again and with the way house prices are going they could end up spent more on another property.

GoogleMeNow

I am actually surprised at the amount of people on these threads desperate to save £2,500.  While it's not an insignificant sum, you can easily spend that much money on mortgage admin fees, surveys, searches, management packs and solicitor fees, not to mention property prices rising from 4 months ago.

Solicitors would never guarantee completion by a set date, so anyone entering a transaction should have accounted for the extra stamp duty in their calculations.

onylon

Was the stamp duty discount discussed with your sellers? If they were aware that your chain was aiming to complete before the deadline  then I would be asking the seller to cover the cost of the hold up.

If it wasn't discussed or the hold up is actually elsewhere then you should just chalk it up to experience and budget accordingly. As a proportion of your total costs it's not a significant sum of money and I'm sure you have better things to spend your energy on.

Titus_Wadd

Northernmummy26 said:

Estate agent has told us we will be exchanging next week. This has been a very long sale and we have been desperate to beat stamp duty. We are willing to move ourselves in a rental van as all removals fully booked however our seller won't move themselves so we will miss stamp duty. Any suggestions? Our seller is buying a new build which isn't ready so they are staying with family 

So the vendors of the house you are buying are prepared to move out to stay with family, but not their belongings?

thegreenone

OP, you need to appreciate that some people are not physically able to move themselves.  We moved when I was 21 years old, with youth on my side, and we vowed afterwards that we would never do it ourselves again.  We were totally and utterly exhausted and I had to go to work the next day.  We've only moved once since, with a removal co. and even now at 55, I wouldn't do it.  I do understand your frustration and in the current climes the removal co's are fully booked.  I hope it works out for you.