Talk

Flip

Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

Stamp duty- paid at exchange or completion?

8 replies

DebiTheScot · 12/12/2009 20:06

We're currently selling our house for £172k. At the moment that means our buyers won't have to pay any stamp duty. But the threashold goes back down to £125k(?) on 1st Jan.
Does anyone know if we exchange before the end of the year does that mean they won't pay it or do we have to complete?

I'm just wondering in case they haven't budgetted for it (it's not been well advertised that it's going back down) and it affects our sale if we don't get it all through in time.

OP posts:

Report

bibbitybobbitysantahat · 12/12/2009 20:08

On completion

Report

MollieO · 12/12/2009 20:09

Paid on completion (up to 28 days after) so I assume that your buyers will have to pay if completion is after 31st Dec.

Report

SausageRocket · 12/12/2009 20:10

completion

Report

LIZS · 13/12/2009 11:43

Saw same query in paper this morning. You have to complete or they have taken legal possession ie they move in under some sort of formal agreement. May be tricky to organise over christmas period. iiwy I'd be pressing for exchange asap - then they can't back out.

Report

Fizzylemonade · 13/12/2009 13:28

Debi it goes back down to £125k unless you are in a government assigned "disadvantaged" area in which case it is the higher £150k threshold.

We are in the same situation, our is selling at just below stamp duty but no way in hell can we complete before 31st dec. I bet my buyers now try to knock me down another £2k

I am surprised it was reduced back down, would have thought that it would have stayed at £175k until after the election.

Report

DebiTheScot · 13/12/2009 16:04

pants. I was hoping everyone would say that as long as we've exchanged it'd be ok.
The might know about it already but haven't mentioned it when saying why they want to complete before Christmas.
We can't afford for them to want another £2k knocked off. Fingers crossed for both of us Fizzy

OP posts:

Report

dilemma456 · 13/12/2009 19:17

Message withdrawn

Report

DebiTheScot · 13/12/2009 20:14

how rubbish dilemma. Good idea getting that to him in writing now. Wonder why on earth he's taking so long to sign things.
At least with us it's noones fault- in fact if anything they're holding it up as haven't organised survey yet. Their mortgage is the only thing needing done as most of the solicitor work was done already with our previous buyers.
We've already had to accept an offer £3k less than our 1st one and really can't afford to knock any more off.