Stamp Duty - can you pay it out of equity or do you have to find the ££££££??

[oliveoil]

Got shitloads of equity but no cash

Estate agent fees can be deducted from our equity so can the stamp duty?

Yes is my expected answer.

Thanks.

xx

Yes

yes. That's what i'm doing. You just increase the amount you borrow on your mortgage by the same sum.

FANTASTIC!

Good answer ladies!

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Equity is cash at point of sale surely?

You sell for £100K pay mortgage of £50K = £50K cash.

Use as much or as little of that as you want for expenses. For example £10K for stamp duty, fees, removal costs etc. leaves £40K for deposit on next purchase.

Or £40K for round the world trip and £10K for desposit on next purchase if you prefer....

yes ... all fees apart from survey can be deducted from equity .. including lawyer, stamp duty, estate agency, removal firm etc

Gomez - that is exactly what we did with our last house sale, spent tons going round the world and shoved the rest sensibly in the bank!!

So even my lawyer fees can come out? Didn't last time, I had to pay.

I can find a few hundred pounds however (shouts inlaws helooooooooo?) but not thousands.

OO it is your money you can do with it what you want. Just make sure you arrange your mortage so there isn't any shortfall.

If some costs are estimates it can be worthwhile arranging a slightly larger mortage than you feel you will need, draw that down and once you have paid everything that is due you can than make a lump sum payment into your mortage with what you have left. You need to be good and make the payment of course and ensure there are no penalties attached to lump sum payments. (Most high street deals will allow at least 10% in one year without any penalties now thou'.)

so I could over estimate and get some shoes, yes?

Shoes, bags & hats too if you so desire .

you can pay solicitor, they get the funds from mortgage firm, take their bit out and send you the rest