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

In a similar position - very annoying but that’s not the vendor’s fault. In our case the vendor’s solicitors have been very slow - I’m intensely annoyed, but that’s just the way it is. Pull out if you have to.

I would explain to your broker and try and borrow the additional money. It’s not the buyers problem. It’s yours. I’d have little sympathy that the seller has a second home and that stamp duty has risen. 10k in the scheme of things is not a huge ask.

Exactly. For a sale to proceed, some pragmatism and compromise is often needed. These changes to SDLT will have a negative effect on house prices just as the reductions that Sunak introduced had a positive effect. Sellers might not like this but they will need to accept it. That's how markets work. Whether this specific seller will accept a small reduction depends on the market in the area, their time frame and their financial position.

I currently have a mortgage with Barclays which is in mine and my ExH names. Only I am on the deeds. When we divorced my income wasn’t high enough to get a mortgage on my own.

I don't think many (any?) lenders would have given the OP a mortgage on a property she didn't own. The whole principle of a mortgage is its secured on the asset the person owns, surely?
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.
I could be wrong but it's hard to imagine other circumstances where people too old for a mortgage suddenly have to buy a home, and their adult child steps in to buy it for them for £75k. Though perhaps there are.
The OP isn't saying, which is unfortunate as it makes a lot of the suggestions on the thread moot if that's the case.

Do a transfer of equity but keep a charge on the house and get your parents to sign a legal charge saying you will be repaid x amount on sale. The seller won’t drop the price just because of the stamp duty changes and it would be unreasonable to ask them to. If it was me selling it to you and you asked that because of the increase in stamp duty I’d pull out and sell it to someone who can pay what you were going to originally

I was listening to a YouTube channel called moving home with Charlie about this very thing and he suggests to meet the seller half way and suggests a reduction of half the additional stamp duty.

Its crazy that they introduced this immediately rather than later.

Agree. It can easily get out of control, and suggests poor financial planning.

The increase is only on a second property, so unless the vendors also own another house in addition to the one they are selling / one they are buying, they will not have to pay extra stamp duty. Op wants the vendors to sub her desire to own more than one house..

Equity release is not financially a good idea at all.

That’s mean of the gov to not phase these things in with more warning…

I think your options are:

1. Ask the sellers very nicely if they’d be willing to help (although presumably they will be stung for more stamp duty when they buy too)
2. Borrow against your parents house
3. See if your new home lender will lend $10k more
4. Ask your parents for the $10k

I have agreed to this, but the whole chain agreed to share the loss, so 3 purchasers were involved and we were only losing £1700:each. At this late stage it was better than starting again.

Loooooool

Nope. You need to find a house within your means. You can’t ask the vendor to give HIS stuff for less coz you can’t afford it otherway.

law changes happen. It is not nice…but in no way the responsibility of your vendor.

You will be asked if you have the extra needed so be prepared to be refused if not!

Good luck 🌺

Mmmm ... It does not pass the "pub test". It sounds to me like you are buying above your means and you want someone else to support you in this by giving up what they already negotiated with you and your realtor.

You are being unreasonable.

Compound interest. My SiL did this when her husband died twenty odd years ago. The interest racks up frighteningly quickly. She’s now run out of equity and will soon have to pay rent to live in her own home. I’d rather it be swallowed up in care fees and afford myself and DH a comfortable old age than see it go to ruthless equity companies who are knocking on your door the minute your equity runs out.

They'll defo be pissed. You're saying you can't afford stamp duty because you want two homes so because you cant/won't take the hit you want them to be financially worse off so you don't have to be.

Morally I think its unreasonable to move the goal posts this late, if you can't afford 2 homes don't have 2. The bank however might help if you went interest only on your parents property. It is also worth remembering their could be additional tax implications if you move to the 2nd property and recieve money from your parents towards the mortgage on the 1st one.

Saying that it doesn't mean they'll say no. And theyre strangers so does it matter if it pisses them off. It depends on a lot of factors, if there's a chain, if they're desperate or kind. It's unfortunate this change has impacted you, but ultimately your problem and no one else is obliged to help.

Genuine question: why is it stupid? I get that downsizing is a better option but if that is not possible and your home is your only asset, why not? Especially if the money is at risk in being swallowed up in nursing home fees etc.

You could have been on your parents’ mortgage without being on the deeds.

It’s right people buying second homes should have to pay more tax, particularly when often the reason for it being a second home is so they can dodge paying inheritance tax on their parents’ property.

Are you sure it will apply as you were already. The process of purchasing
so unfortunate

So if the stamp duty had gone down and you’d saved money would you be offering to pay the seller more????

Not ideal but you could consider equity release from the first property. Money Saving Expert have names of reputable firms.

Same thing has just happened to me but on the other side, buyer has asked us to decrease £8k. I can’t afford to do it for one, but I also don’t think it’s fair to pass on your issue to someone else

Of course not!

thats quite a generalisation.

Horrible idea. Equity release is stupidity personified.