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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

26 replies

FlamingoBingo · 06/10/2009 21:15

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...

OP posts:
JeMeSouviens · 06/10/2009 21:18

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 · 06/10/2009 21:19

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 · 06/10/2009 21:21

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 · 06/10/2009 21:21

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

bellavita · 06/10/2009 21:22

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 · 06/10/2009 21:25

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 · 06/10/2009 21:25

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 · 06/10/2009 21:27

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

navyeyelasH · 06/10/2009 21:32

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

Northernlurker · 06/10/2009 21:36

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?

Northernlurker · 06/10/2009 21:37

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 · 06/10/2009 21:40

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 · 06/10/2009 21:41

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 · 06/10/2009 21:44

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

SazZaVoom · 06/10/2009 21:47

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

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

Lilyloooohhhh · 06/10/2009 21:51

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 · 06/10/2009 22:02

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.

Original poster
FlamingoBingo · 06/10/2009 22:18

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.

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

OP posts:
SazZaVoom · 06/10/2009 22:21

I bloody wish Flamingo

Original poster
FlamingoBingo · 06/10/2009 22:24

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

OP posts:
MillyMollyMoo · 06/10/2009 22:24

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.

Original poster
FlamingoBingo · 06/10/2009 22:24

Ooh, fingers crossed, Milly!

OP posts:
bellavita · 07/10/2009 06:40

I am excited for you Flamingo

hellsbelles · 07/10/2009 09:33

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.

Lizzylou · 07/10/2009 10:53

You can't even market a house without a HIP now, but they can take less than week to sort.
You need to choose your Estate Agents wisely, pick the ones who have lots of SOLD boards around and who proactively try and chain build. You could offer that you'll consider part exchange, a lot of people are downsizing and you could upsize into their property.
It can be done, even in this market. Get your walls painted asap and get it on the market as soon as you can