Reducing offer on house late into purchase due to stamp duty tax

ForestOfSouls

Hello everyone,

I want to thank you all for your considered replies and honest points of view.

I have decided not to reduce my offer on the property and will instead find the money from elsewhere. 

Yes I do own an additional buy-to-let, but I was advised I would pay the residential stamp duty amount of £7500 as I have never owned a main residence in which I live. Clearly this was wrong and now I am aware the amount is £19.500. It’s ok, I can suck it up. Life is good, I am blessed to be buying this home and the last thing I want to do is be a nightmare buyer. 

I wish you all well and thanks for your time answering my post and potentially saving me from putting my foot in it.

[Deleted User]

Prices are falling. If they need to put it back on the market they will probably lose 8k anyway.

Explain it to them, they might be fine with it.

MultiFuelBurner

Not in all areas being the caveat.

Some are holding strong and still going to offers over(sealed bids).

Caz3121

ForestOfSouls said:

 I was advised I would pay the residential stamp duty amount of £7500 as I have never owned a main residence in which I live. Clearly this was wrong and now I am aware the amount is £19.500. It’s ok, I can suck it up. Life is good, I am blessed to be buying this home and the last thing I want to do is be a nightmare buyer. 

If it makes things a little better...if the property was in Scotland you would have been paying £37,350 !!! 

Flugelhorn

ForestOfSouls said:

Yes I do own an additional buy-to-let, but I was advised I would pay the residential stamp duty amount of £7500 as I have never owned a main residence in which I live. Clearly this was wrong and now I am aware the amount is £19.500. It’s ok, I can suck it up. Life is good, I am blessed to be buying this home and the last thing I want to do is be a nightmare buyer. 

Good Luck - glad to see you have the money to pay this bill (unlike what  you said in the first post) - hate it when people bleat "but I can't pay " and then it turns out that they had the money all the time - what they really mean is "I don't want to pay it"

MultiFuelBurner

Flugelhorn said:

ForestOfSouls said:

Yes I do own an additional buy-to-let, but I was advised I would pay the residential stamp duty amount of £7500 as I have never owned a main residence in which I live. Clearly this was wrong and now I am aware the amount is £19.500. It’s ok, I can suck it up. Life is good, I am blessed to be buying this home and the last thing I want to do is be a nightmare buyer. 

Good Luck - glad to see you have the money to pay this bill (unlike what  you said in the first post) - hate it when people bleat "but I can't pay " and then it turns out that they had the money all the time - what they really mean is "I don't want to pay it"

Scenario posters tend to slip up somewhere lol