To ask seller to reduce asking price due to stamp duty increase

We bought our first flat in the negative equity time. It was still less than rent and we put a bit aside in case we needed to cover the equity.

And if course we had security of tenure and were no longer being ripped off paying "admin" charges every six months and all the rest.

Can you become guarantor on your parents place so avoid home ownership? This would enable you to purchase the second at the lower rate.

Yes - if I had to sell fast and flee the country for some radical movie plot worthy reason. Otherwise nah. I’d think you were having a laugh!

I think you need tax advice, your name being on the land registry may not mean your parents home is your primary residence. It sounds like you are buying your primary residence so your parents home is your second home? Do you pay the mortgage? Are you the only owner with the land registry on the property your parents live in?i would think that you are buying a place to live in that is your residence not a second home. You should speak to a tax specialist and a solicitor and also consider what your parents Will states if they do have their names on the land registry. Are they paying you rent? It could be their home is your second property? If you are their landlord are you declaring the rental income?

when you purchase your conveyancing solicitor will need to make the payment and know the answers, I would start with asking them not trying to negotiate a cut.

Your problem not the sellers

It will be for all those millennials who find themselves with negative equity on their "affordable" rabbit hutches like all those keyworkers who got screwed under the previous Labour government.

Yes indeed. Exactly that. Which is why it's rather difficult to feel too sorry for the OP now she appears to be hoist by her own petard.

I don’t believe she’d ever have got a mortgage on a house she didn’t own. The legal ramifications would be far too off putting for lenders. I’d bet that the parents had to sign a waiver at the time that they would have to move out if the op defaulted on the mortgage.

By my calculations your buying a second home worth £500,000 a cost a lot of people could only dream of and you want to ‘charge’ your sellers for the privilege ! None of this is their fault or responsibility, you’ve known for several weeks now that this was likely in the budget and you haven’t addressed it. You need to sort it out!

We paid the stamp duty out of our mortgage on 3 properties

Yes I would lower the price to ensure the sale goes through

Ah, OK. Although I believe there are companies that are recommended by Money Saving Expert and also products where you can make regular interest payments.

You don’t get if you don’t ask

Oh sorry - I don’t live in the UK anymore so I didn’t realize. In that case, I don’t think it would be ok for the OP to ask the seller.

I imagine the OP has bought her parents council house for herself, using their right to buy discount.The parents have to be co owners or she wouldn't have been able to buy it.

So in that scenario the parents have a secure (presumably lifetime) tenancy - the daughter effectively buys the house at a discount, then when the parents dies sells it at full market value? Meanwhile the person who might have had a secure home in that property is now in an insecure and expensive private rental quite likely financed by the taxpayer through housing benefit?

What a lovely system.

No way! But if you had to pull out because of the stamp duty increase then and only them if the seller offers to reduce then go ahead. Else start again and look for something more affordable. Good luck

No, unless there was another reason (House needs new windows etc) I wouldn't reduce the price.

You're saying there'll be lower house prices? Wouldn't that be awful.

Yeah, this is taking the piss.

Only if a guarantor mortgage was taken out with the parents agreeing to use the home as security. Besides if as I suspect it was right to buy, the parents have to be on the deeds because its their right to buy it not OPs.

Yes, i would ask

The housing market is slow and ive had to reduce mine by thousands to sell

Why couldn’t they? The mortgage op has taken out will have been secured on the house, regardless of any strategic shenanigans relating to the deeds and who have been registered as owners.

I haven’t RTFT. Be careful what you do here…if you come off of the deeds and are no longer an owner, if your parent needs to go into a home, the house is “theirs”, and the cost of the care will be funded by the house value. You could lose out on much much more than a few % of stamp duty.

That's different though because one of the mortgagees (you) owns the asset, so if the mortgage isn't paid they could take the house from you. In the OPs case if she wasn't an owner and defaulted on the mortgage they couldnt repossess the house if it wasnt hers.

YABU. It's your loss. Rachel Reeves has done her best to crash the housing market with her tax tax grab and you would be adding to the misery if you demand a reduction to cover the Stamp Duty increase and, even worse, if you pull out.