Stamp Duty Question
Discussion
Currently on the knife edge of exchanging and our buyer is holding things up a little which is turning into a bit of a headache.
He was originally putting himself forward as a 'cash buyer' and proved his position to our agent, but has now sold his current property and would prefer to use that funding instead of his savings, which I can understand but it'll add at least 3 weeks to the dates and wind our sellers up a treat.
He's mentioned something about stamp duty as the reason he wants to drag it out, is this an issue as he'll technically own two houses for a brief period, does that attract somesort of new rate?
He was originally putting himself forward as a 'cash buyer' and proved his position to our agent, but has now sold his current property and would prefer to use that funding instead of his savings, which I can understand but it'll add at least 3 weeks to the dates and wind our sellers up a treat.
He's mentioned something about stamp duty as the reason he wants to drag it out, is this an issue as he'll technically own two houses for a brief period, does that attract somesort of new rate?
raceboy said:
Currently on the knife edge of exchanging and our buyer is holding things up a little which is turning into a bit of a headache.
He was originally putting himself forward as a 'cash buyer' and proved his position to our agent, but has now sold his current property and would prefer to use that funding instead of his savings, which I can understand but it'll add at least 3 weeks to the dates and wind our sellers up a treat.
He's mentioned something about stamp duty as the reason he wants to drag it out, is this an issue as he'll technically own two houses for a brief period, does that attract somesort of new rate?
Additional 3%.He was originally putting himself forward as a 'cash buyer' and proved his position to our agent, but has now sold his current property and would prefer to use that funding instead of his savings, which I can understand but it'll add at least 3 weeks to the dates and wind our sellers up a treat.
He's mentioned something about stamp duty as the reason he wants to drag it out, is this an issue as he'll technically own two houses for a brief period, does that attract somesort of new rate?
But if it sells he can claim it straight back.....
Sarnie said:
Additional 3%.
But if it sells he can claim it straight back.....
Cheers, he has already 'sold' but his exchange on the house he is selling will be at least a week after the date we would prefer to exchange.But if it sells he can claim it straight back.....
So he will not be out of pocket for long? And we're not talking about central London Town house value houses.
raceboy said:
Cheers, he has already 'sold' but his exchange on the house he is selling will be at least a week after the date we would prefer to exchange.
So he will not be out of pocket for long? And we're not talking about central London Town house value houses.
He'd get the 3% back but he may have general cash flow issues. He may have the money but if its tied up in tax free wrappers or even stocks and shares (realising any capital gains on selling) he'd not want to break into those for a week or so.So he will not be out of pocket for long? And we're not talking about central London Town house value houses.
https://www.gov.uk/government/consultations/consul...
Look at the chart in the introduction - the only change is that the gap of 18 months has been extended to 36 months.
http://www.zoopla.co.uk/discover/buying/q-a-new-3-... a more user friendly one.
Look at the chart in the introduction - the only change is that the gap of 18 months has been extended to 36 months.
http://www.zoopla.co.uk/discover/buying/q-a-new-3-... a more user friendly one.
Edited by Jockman on Saturday 23 April 08:57
Its not payable on exchange, if he has a simultaneous sale of existing house and purchase of yours nothing to pay.
Our system alas doesn't give you any choice other than.
1) I will withdraw the contract and not sell to you(you now need a new buyer/start process again)
2) You get to wait until it suits him
Our system alas doesn't give you any choice other than.
1) I will withdraw the contract and not sell to you(you now need a new buyer/start process again)
2) You get to wait until it suits him
It's not quite 'simultaneous' for him, that's the problem. He 'should' be buying ours then in a week or so selling his existing house.
He came into the contract as a 'cash buyer' able to fund the purchase before he sold his existing house, and the 'contract' was entered into on this understanding, because he managed to sell his house quite quickly he now wants to use the proceeds of that to pay for the house instead of his savings, and avoiding the refundable stamp duty.
It's going to royally wind up everyone north of him in the chain as they are ready to go, but it appears to be the norm for people to change from the super co-operative types before to absolute pains after....it's going to give me an extra few weeks to strip everything that isn't nailed down (and some bits that are) and not listed specifically on the fixtures and fittings list out the house, he's no longer getting the nice chrome light switches, it's back to white plastic for Mr Pain.
He came into the contract as a 'cash buyer' able to fund the purchase before he sold his existing house, and the 'contract' was entered into on this understanding, because he managed to sell his house quite quickly he now wants to use the proceeds of that to pay for the house instead of his savings, and avoiding the refundable stamp duty.
It's going to royally wind up everyone north of him in the chain as they are ready to go, but it appears to be the norm for people to change from the super co-operative types before to absolute pains after....it's going to give me an extra few weeks to strip everything that isn't nailed down (and some bits that are) and not listed specifically on the fixtures and fittings list out the house, he's no longer getting the nice chrome light switches, it's back to white plastic for Mr Pain.
apparently they are 'brushed stainless steel', interior decor isn't my specialist subject! Well it's not happening Friday now, so it's another 3 weeks at least living in a cardboard box forest, that's if the upper section of the chain don't go postal and throw their toys out the pram, frankly I'm bored of it now, we bent over backwards to do a quick date and we've been rewarded with a string of lies.
I just want it done now, thank god buying and selling cars isn't such a nightmare, even dealing with the 'init bro' crowd is more fun than pensioners who think they have more money than they actually do.
House buying is stressful and everyone becomes a little stupid and petty at some point. While there's no harm in pushing and managing the situation just let the crap go as in a few months, once you're in, and after you've sorted out plastic light switches and no curtains rails that your seller left you 
, you'll be happy in your new home.
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