Just wondering if anyone has any thoughts - or maybe Philip Hammond is on MN and would like to PM me!
DD is due to exchange on her new home at the end of the month, with completion a couple of weeks later. However, I've read comments in the press about the possibility of a reduction in stamp duty for first time buyers in the budget, which is on the 22nd November.
Just wondered if anyone had any thoughts on this (I know it's crystal ball gazing!), and secondly, if it did happen, would it be likely to be with immediate effect.
Previous stamp duty changes came into effect immediately after the budget I think, but that was the tier changes, with the extra for more than one property coming the next year?
You DD risks losing the sale if she delays, dependent on situation. I completed days before the last set of changes, I just chalked it up to experience even though it was also a couple of thousand quid.
Just been looking into this a bit more, it seems that the form filled in to pay your stamp duty is based on the completion date. If so your DD could still exchange and pencil completion for the 23rd? It's only going to be a week or so later than her sellers planned which seems normal
That's exactly what she would plan to do Candy, exchange in October and complete in November straight after the budget, so the vendor has the surety of the sale on exchange, but has to wait an extra week or so for all of the money.
Yes but one of the other rumours floating about is that liability for stamp duty may be switched to the seller rather than the buyer.
If the seller is going into a more expensive property then this may be beneficial to them. If however they are selling to downsize, then I doubt they'd wish to take the risk of waiting for the budget.
Quite often these things don't come into affect the day after the budget but might wait a few months so even if the rumours of benefit to first time buyers are correct then you dd may not benefit anyway.
I’m another first time buyer desperate to know what will happen with stamp duty! Basically ready to exchange except for a couple of bits of paper work going to the solicitor. I think I’m going to wait and see because it seems too good a chance to miss out on saving £2.5k (hard saved!) money. Does anyone know whether it’s the exchange or completion date that matters? Thanks