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To think it might be possible to move by Christmas and therefore not have to pay stamp duty?

(27 Posts)
FlamingoBingo Tue 06-Oct-09 21:15:52

We've literally just decided we want to move house and have started neatening up the house to get it valued. We have a portable mortgage so that's all sorte.

However, we just found out today that stamp duty is suspended until 31 December.

AIBU to think it might actually be possible for us to finish painting the manky walls in our house, put a HIP together, get it on the market, find a house to buy, sell this one all in time for Christmas to save the fortune we would normally have to pay on stamp duty?

Never sold a house before so don't really know...

JeMeSouviens Tue 06-Oct-09 21:18:06

If it had already sold, then you'd probably be able to rush it through, but if it's not even on the market yet, I doubt it.

You can but try though.

InaneHouseholdObject Tue 06-Oct-09 21:19:26

Well, you could physically sort the house in about a week, no idea about HIPs but I don't see why not. Start looking now, both take a week off work to crack on and see how you go

LyraSilvertongue Tue 06-Oct-09 21:21:05

With no chain it's possible.
We sold a flat we were renting out, with no chain, and it was all completed in two months.
Isn't the stamp duty thing only on properties sold for less than £175,000?

bellavita Tue 06-Oct-09 21:21:35

It all depends on the length of the chain really. Who is moving to what and how many people are involved.

bellavita Tue 06-Oct-09 21:22:59

So, in effect, what you need is to find house that no one lives in and the buyers for your house need to be 1st time ones.

bigchris Tue 06-Oct-09 21:25:09

it took us about two weeks to put ours on the market, got three offers in on day, found a house the week after, moved in two months later
that was before the whole thing crashed though

crokky Tue 06-Oct-09 21:25:19

Buying and selling houses is a nightmare. It is possible that you could do it, but not probable. People mess you around and there are loads of crazy things that crop up, often at the last minute. It can be extremely stressful so be warned!

bigchris Tue 06-Oct-09 21:27:41

we had the same scenario as bellavita, first timers bought ours and we moved into an empty house

navyeyelasH Tue 06-Oct-09 21:32:22

I didn't know that about stamo duty; how bloody annoying!

Northernlurker Tue 06-Oct-09 21:36:00

Everybody else who is moving will want to do the same though and you haven't got till 31st December, you've got til about mid December unless you find an empty place because nobody will want to move at Christmas. So 2 months basically - it can be done but you need a quick and efficient solicitor and you need to be on the phone every day checking progress and be prepared to schlepp documents around a bit. Also if anything goes wrong with the chain you'll be screwed - put you off yet? grin

Northernlurker Tue 06-Oct-09 21:37:49

Oh and we accepted an offer at the beginning of March and moved at the start of May last year - 8 weeks - so like I say it can be done but that was with a cash buyer for ours, no chain on from the house we were buying either and with me on maternity leave shepherding the whole thing along. If we'd had a longer chain it would have taken longer.

Rebeccaj Tue 06-Oct-09 21:40:53

The stamp duty exemption is only valid on sales less than £175k. It would be possible to complete by Christmas, but you would need to sell, find somewhere, and basically phone your solicitors and estate agents EVERY day to bug them. It's not that likely...

Rebeccaj Tue 06-Oct-09 21:41:36

The stamp duty exemption is only valid on sales less than £175k. It would be possible to complete by Christmas, but you would need to sell, find somewhere, and basically phone your solicitors and estate agents EVERY day to bug them. It's not that likely...

LIZS Tue 06-Oct-09 21:44:36

budget for the Stamp Duty then you may just get a Christmas bonus.

SazZaVoom Tue 06-Oct-09 21:47:10

I think it COULD be done as others have said - i bought my first flat (no chain in 4 weeks). Our house with a big chain took 6 months though angry

However, that said i am happy to be your Kirstie for you if you like as i have some time on my hands and love nosing round houses grin

Lilyloooohhhh Tue 06-Oct-09 21:51:46

We put ours on the market got full asking price on first day , first time buyers and had to move into parents as our new build wasn't ready.
Whole thing took less than 6 weeks!
It can be done buta lot to take into consideration along the way
Good luck

bellavita Tue 06-Oct-09 22:02:23

We had nearly the same scenario as Lily except ours was a 4 week turn around. People buying ours were in rented and didn't want to take up the next 6 months lease so they paid our mortgage redemption fee so we could move out quickly (to parents as ours was not built) as they also had first time buyers. We exchanged and completed on one day.

FlamingoBingo Tue 06-Oct-09 22:18:40

Ok, have had a good look - stamp duty won't be as much as I had thought, and therefore I will consider paying it as paying for a less stressful move!

Thanks for all the good advice.

grin Sazzles re. Kirstie. Do you have a Phil to come with us though?

SazZaVoom Tue 06-Oct-09 22:21:20

I bloody wish Flamingo grin

FlamingoBingo Tue 06-Oct-09 22:24:03

I am very excited indeed about house hunting, and DH's job prospects look quite good - we might be able to afford more than we initially thought smile

MillyMollyMoo Tue 06-Oct-09 22:24:05

I bet my Christmas pudding that the stamp duty holiday is extended, no way do they want the real crash this side of the general election.

FlamingoBingo Tue 06-Oct-09 22:24:44

Ooh, fingers crossed, Milly!

bellavita Wed 07-Oct-09 06:40:12

I am excited for you Flamingo smile

hellsbelles Wed 07-Oct-09 09:33:21

yes yes yes. We did it (though I don't know about HIP's - they didn't have them when we were selling/buying) But it's bloody hard work. You have nag the agents...be ruthless about who's offer you accept (i.e. no chain if poss) and once that's done pester your solicitor every single day. To get the house we wanted we had to exchange in 2 weeks....everyone told us it wasn't possible but that is like a red rag to a bull with me and I hounded everyone to make sure it did happen.

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