Potentially paying the stamp duty a week late

nolimit988

Hi there,

Me and my partner are in the middle of purchasing a new property and had our mortgage AIP and also a mortgage offer. The problem is we will be slightly short of money for the property stamp duty (even though we have managed to reserve it -  new build). Does anyone know if it's possible to delay paying the stamp duty by just a week (I get paid the week after the completion date and would have that bit of extra money to cover the). My solicitor said no, they cant. But from me reading online legally you can, its down to the solicitor etc. Any help would be really appreciated.

user1977

No, you can't, because the lender requires the solicitor to be in a position to submit the SDLT return (and pay the amount due) at completion. 

SDLT_Geek

nolimit988 said:

Hi there,

Me and my partner are in the middle of purchasing a new property and had our mortgage AIP and also a mortgage offer. The problem is we will be slightly short of money for the property stamp duty (even though we have managed to reserve it -  new build). Does anyone know if it's possible to delay paying the stamp duty by just a week (I get paid the week after the completion date and would have that bit of extra money to cover the). My solicitor said no, they cant. But from me reading online legally you can, its down to the solicitor etc. Any help would be really appreciated.

This is not possible if you have a commercial mortgage. 

Slithery

If you need a mortgage then no, you can't.

Your solicitors contract with your lender specifies that they have to have the stamp duty money in their account before they can allow you to complete.

TBG01

My solicitor said no, they cant. But from me reading online legally you can,

Please forward your findings onto the Solicitor as it's clear that their years of experience and training, plus dealing with Stamp Duty and lenders, on a daily basis, has been all in vain

Slithery

TBG01 said:

My solicitor said no, they cant. But from me reading online legally you can,

Please forward your findings onto the Solicitor as it's clear that their years of experience and training, plus dealing with Stamp Duty and lenders, on a daily basis, has been all in vain

To be fair unless the OP has read the Lenders Handbook then it would be easy to assume that SDLT could be paid within 14 days of completion as that's what the relevant legislation states.

TBG01

Slithery said:

TBG01 said:

My solicitor said no, they cant. But from me reading online legally you can,

Please forward your findings onto the Solicitor as it's clear that their years of experience and training, plus dealing with Stamp Duty and lenders, on a daily basis, has been all in vain

To be fair unless the OP has read the Lenders Handbook then it would be easy to assume that SDLT could be paid within 14 days of completion as that's what the relevant legislation states.

Yes, but the Solicitor had already told them no.

hangryconsumer

TBG01 said:

Yes, but the Solicitor had already told them no.

It's not wrong for people to question things that they are told. Your sarcastic response was unnecessary. What was your goal? Penis enlargement? Didn't work mate, better ask for a refund.

canaldumidi

If you were paying cash then yes - you'd incur an HMRC penalty but that's a choice you could make.

But your mortgage lender will require their solicior to have the SDLT funds in hand before completing.

nolimit988

TBG01 said:

My solicitor said no, they cant. But from me reading online legally you can,

Please forward your findings onto the Solicitor as it's clear that their years of experience and training, plus dealing with Stamp Duty and lenders, on a daily basis, has been all in vain

I wasn't sure if this was per solicitor i.e another may do so, and after reading online (as @Slithery mentioned) the lenders handbook does mention it can be paid within 14 days of completion.

Looks like this idea wont work then. Thanks everyone. 

Slithery

TBG01 said:

Slithery said:

TBG01 said:

My solicitor said no, they cant. But from me reading online legally you can,

Please forward your findings onto the Solicitor as it's clear that their years of experience and training, plus dealing with Stamp Duty and lenders, on a daily basis, has been all in vain

To be fair unless the OP has read the Lenders Handbook then it would be easy to assume that SDLT could be paid within 14 days of completion as that's what the relevant legislation states.

Yes, but the Solicitor had already told them no.

Conveyancing solicitors aren't usually versed in the finer points of SDLT and they'll point this out to clients when asked.

You only have to look at the threads on here to find plenty of situations where they've been wrong in their assessment and understanding of the facts...

https://forums.moneysavingexpert.com/discussion/6341794/husband-and-wife-sdlt-help-needed-please
And that thread was only from earlier today where the solicitor changed their mind and agreed with the poster after following the advice given here.

There's really no need to berate posters for seeking a second opinion when it could be worth thousands of pounds.