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stamp duty payment deadline

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tkel01
tkel01 Posts: 56 Forumite
in House buying, renting & selling
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Ive been told that you have 30 days to pay stamp duty after completion. Do i jusy tell My conveyancer that i plan to do this myself....is it as simple as that?

thanks

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  • 00ec25
    00ec25 Posts: 9,123 Forumite
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    tkel01 wrote: »
    All

    Ive been told that you have 30 days to pay stamp duty after completion. Do i jusy tell My conveyancer that i plan to do this myself....is it as simple as that?

    thanks
    No

    not sure how many times this has been explained?

    If you need a mortgage to purchase the property then the conveyancer is required by the Council of mortgage lenders to ensure that all funds required to complete the purchase are in the hands of the conveyancer before completion. ie you must transfer the SDLT money to the conveyancer before the completion date, the conveyancer is then responsible for paying it to HMRC by the 30 day deadline.

    The lender will not release the mortgage funds until the conveyancer confirms all the ducks are in a row ready to go

    the 30 day deadline is practical for DIY only where you have no mortgage and are paying the SDLT yourself in cash
  • tkel01
    tkel01 Posts: 56 Forumite
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    00ec25 wrote: »
    No

    not sure how many times this has been explained?

    If you need a mortgage to purchase the property then the conveyancer is required by the Council of mortgage lenders to ensure that all funds required to complete the purchase are in the hands of the conveyancer before completion. ie you must transfer the SDLT money to the conveyancer before the completion date, the conveyancer is then responsible for paying it to HMRC by the 30 day deadline.

    The lender will not release the mortgage funds until the conveyancer confirms all the ducks are in a row ready to go

    the 30 day deadline is practical for DIY only where you have no mortgage and are paying the SDLT yourself in cash

    Thanks for the explanation.....despite my question clearly annoying you!
  • kingstreet
    kingstreet Posts: 38,764 Forumite
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    We really need a few stickies and ground rules.

    First, 'one purchase/transaction, one thread'. We get far too many new threads for questions on the same transaction. IIRC we had one member start twenty-three threads on their purchase.

    Next, a FAQ would be useful so we don't have to write bespoke answers to the same questions which crop up several times a day.

    I'd be interested in other members' thoughts...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
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    kingstreet wrote: »
    I'd be interested in other members' thoughts...
    been asked for almost as many times as posters have failed to use the search function before posting

    I'm not aware of any official response, but patently it hasn't happened either

    the only thread I'm aware of that has been produced with a deliberate view of centralising things is the Land Registry questions thread, but as that has not been made a sticky, I don't understand how "they" expect new users to find it and use it. Although I accept it does get used a lot more than i thought it would so clearly that approach has merit.
  • Suman170
    Suman170 Posts: 5 Forumite
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    Hi tkel01, I saw your post about your mortgage from leeds. I just wanted to know if they did final credit check before completion?? I have got a mortgage offer leeds for a shared ownership property, just waiting to exchange contracts but very worried, I have been reading all sort of horrible stories about how people’s mortgage offer withdraw the last minute.. would really appreciate it if you could share your experience. Thanks
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