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Buying separate items during house sale
Can someone please settle an argument..
As example , you buy a house at an accepted price of 500k and then the owner says they would include/leave a sit on lawnmower, hedge trimmer and some garden furniture for a agreed price.
Does the amount for the lawnmower etc get added onto the house price or is it paid for separately.
My husband is worrying it will be added on which would then push us into the next stamp duty threshold, I've said it will be sold separately and will not be included in the total and not therefore effect stamp duty at all.
Comments
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As long as the price is genuine (and you're not trying to pretend that you're paying £100k for the contents of the shed) then it's not included for stamp duty purposes.
In any event, your husband may be out of date with how the stamp duty is calculated - even if you're "into the next threshold", the higher percentage only applies to the bit over the threshold, not the whole price.
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Are the 'extras' being handled by your solicitor? If so, I'd be worried they were being tied into the purchase price; might be worth a discussion with them to clarify. We negotiated a price for some items with our seller during our 2nd visit and will pay cash when we move in - in our mind, this is no different to buying the stuff off her if she advertised them on FB and nothing to do with our solicitors or EA.
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Always advise the solicitor this is a separate arrangement and that if there are extra fees these are to be paid by the purchaser.
We have always been requested for a few of our items as I dabbled for many years in interior design so we have never sold a house without a separate arrangement for items and our last solicitor charged £150 for handling this.
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Unless they are first time buyers, in which case what the OP says is correct. Stamp duty at £500k is £10k. At £501K it's £15k plus a bit.
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We bought a few items from the sellers of our house. We paid for them separately through Facebook Market Place.
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Why would that be worrying? Surely it makes sense for it to be part of the same contract, otherwise how is the buyer or seller going to enforce it?
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My buyer bought a few bits from me.
My solicitor advised me that it was a private arrangement between the buyer and me.
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Because a higher purchase price means higher SD, higher EA and solicitor fees (if you're on a % contract). Sure, you might face an issue with someone not paying up but not sure how likely this would be. Most people, in my experience, are basically decent and honest.
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Like I said above, the additional price doesn't come into stamp duty, and I've never heard of it coming into EA or solicitor fees either. It's just a separate item in the contract.
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Speak to your solicitor on how best to structure it, when we bought our last place the vendor listed a host of items they were willing to sell us and we declined them all as their prices were silly. When we moved in they had left about half of them anyway.
On a previous sale, the solicitor handled it all including the fittings we sold to the buyer but the listed sale price was excluding them. As other have said, it used to be a basic tax evasion scheme to buy the house for £100,000 and pay £150,000 for the stuff left in it
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