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Original poster

WWYD Best + Final at Stamp Duty Threshold

32 replies

mandybeesborough · 19/05/2014 20:41

We offered on a house at the weekend on at asking price 250k - so did 12 other people. This has now been whittled down to 5 in the running, which includes our offer. So it's going to best and final by the end of the week.

We were in this situation on another house last month and thought that no one would be crazy enough to go over but apparently the estate agent was "astounded" at the winning offer. No idea what that was obviously.

Both houses needed work, this one is in a slightly better state as far as we know. No idea if survey would pick up anything additional.

I just don't know what to do. We could technically stretch a bit more, but we really need the money (that would disappear for stamp duty) to do the work needed on the house. And I'm just not sure if we could really justify it.

Any experience of being in this situation? How did you proceed? And did you get the house?!

OP posts:
Teaandtoast1 · 19/05/2014 20:58

I was in this exact situation last week. We offered the asking price 250k. Seems so did 4 others. Went to final and we said we can't go any higher due to stamp duty. We hoped that our situation being chain free and prepared to wait the 5 months to move that the vendors wanted would swing it. It didn't.

We just can't go over 250k, I'm gutted that this will probably keep happening.

I'm sting to see the sale price on the internet in a few months to see just what people will pay!

ixos · 19/05/2014 21:02

With 12 making offers I think someone will go over the threshold to be honest. We just sold a house (that went to best and final) and someone offered 17k over the threshold much to our amazement. But I think offer what you can afford and no more.

outtolunchagain · 19/05/2014 21:21

Same here only we are at the 500K limit,5 offers all at the asking price , we have decided that to do the work it needs then we would stick at the asking price , everyone agrees it is a fair price and it seems silly to go up, offering £10000 would cost us £20000 in total , but now i am having the heebie jeebies and thinking in the long run perhaps we should pay the extra,.I know dh won't go for it though and I know thats the sensible thing .aaagh

Best and final by tomorrow, hoping that he will see through the money and that no one will be stupid enough to go over the limit, but I expect they will.Sad

Teaandtoast1 · 19/05/2014 21:24

I'm worried final offers will be the norm now. I can't imagine putting an offer under asking price atall now if the prices are exceeding the asking price.

Original poster
mandybeesborough · 19/05/2014 21:28

Interesting to hear people in similar situations. Although the whole process is disheartening. But yes will be interested to see the sold prices on rightmove in a couple of months for the ones we missed out on.

I forgot to add that all 5 in the running offered the asking price and am guessing that we must be all in fairly similar positions in terms of being sold/chain free etc. We are thinking if there was one cash buyer or something the seller would have snapped up there offer, so clearly there is no one who stood out massively at this stage.

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Original poster
mandybeesborough · 19/05/2014 21:30

Or maybe there was but they are just giving us a chance to up the offers. Uh I really hate this. Would like to be a fly on the wall in an EA sometimes.

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Teaandtoast1 · 19/05/2014 21:48

Yeah. I'd love to know what other offers there really were etc. grrrrrr.

FourFlapjacksPlease · 19/05/2014 21:56

i sold recently and had 4 offers on the day we went on sale. 2 at asking and 2 over - went for the offer that was 25k over. Our agent said that is what is happening with every property and I think the expectation from sellers is that they will get over the asking. It's nuts. Will keep my fingers crossed for you!

TheresLotsOfFarmyardAnimals · 19/05/2014 21:59

Can you stretch to a higher, mortgageable amount if the vendor pays the difference in sdlt? Eg, £280k but they pay the £5600 extra. You would still have more cash but a bigger mortgage. They would be better off overall.

outtolunchagain · 19/05/2014 22:33

Are you all in London? we are not but the market is hotting up ,think this is just a particularly good property , it's only 100 yards from where we live now , we only want to move there , it would be perfect .Just sitting here working out if we could up our offer but sticks in the claw to spend an extra £5000 on stamp duty , I hate this tax Angry

Teaandtoast1 · 19/05/2014 22:53

I'm in manchester and it's still bad here! Grrrr.

Original poster
mandybeesborough · 20/05/2014 06:34

outtolunch not London no. But I think an area with it's own little bubble at the moment. It's certainly picked up within the last 7 months here.

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CaptWingoBings · 20/05/2014 06:39

blimey Teaandtoast1, whereabouts in Manchester?

CaptWingoBings · 20/05/2014 06:40

Actually just remembered - I was surprised because my area of Manchester isn't like that (I don't think) but a friend just sold a house in Chorlton that went to sealed bids & 45k over asking price Shock

Teaandtoast1 · 20/05/2014 10:35

I'm in stockport. It's been like this since Christmas I'd say.

ConcreteElephant · 20/05/2014 11:11

We sold at asking price of £265k last year, having had a flurry of offers at £250k over the open weekend. The couple who bought it didn't ask us to pay part of their stamp duty, they felt it was worth the extra above the threshold and didn't want to get into best and final bids which is what would have happened if they hadn't just bitten the bullet. The threshold kept our value artificially down in our view and the EA's - so we were delighted that someone felt it was a good house at a fair price - it really was.

We had to go to best and final for our purchase - it was very stressful and I feel for you. We were successful not just because of our bid (which wasn't much over asking really) but because we were in a good position - ours SSTC to first time buyers, good LTV rate for the required mortgage etc... Sometimes the money isn't everything so as you've identified make sure your position is as well presented as possible.

Good luck.

outtolunchagain · 20/05/2014 12:08

Ok well we upped our offer before the deadline , just seemed like the right thing to do, dh would have preferred not to but at least we have truly made our best offer and if we lose it now then thats just how it is.

Deadline was 12pm today , hand holding needed although to be honest I think we've lost it

ConcreteElephant · 20/05/2014 14:13

Have you heard? I hope it's gone your way. We were happy to go over on our purchase as we plan to be here for ages - you might find others are not thinking long term so aren't happy to go over. Or may be put off by the work. I hate sealed bids, it makes you giddy and do daft things ;)

outtolunchagain · 20/05/2014 14:22

Yes it does ! Happy that we have pushed ourselves a bit so that we can be comfortable that we did make our best offer , but not so that we are mad .

Original poster
mandybeesborough · 20/05/2014 14:39

Outtolunch- fingers crossed for u. Really hope it goes yr way. We have tonight to consider it and then offers tomorrow.

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Original poster
mandybeesborough · 20/05/2014 14:40

Apologies for text speak. Replying on my phone!

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ThePerfectNegroni · 20/05/2014 17:52

Which house in chorlton? I'm so nosey- we are looking near there too. We viewed one house ten months ago at £290k, now there is one near identical one listed for £390k. Which agent are they with? I'm nervous about ours as we've only had five viewings since Friday.

outtolunchagain · 21/05/2014 07:27

Just wanted to say good luck Mandy

outtolunchagain · 21/05/2014 15:23

Well we didn't get it , someone offered £55,000 over the asking price Shock. Can't blame him really but feel a bit sad , seems really unfair , probably someone coming from London , seems that anyone local just doesn't have a chance up here , we are swamped with people selling small houses in London and out bidding us . Hmm

Teaandtoast1 · 21/05/2014 15:59

55k over! That just mental! I'm suprised the agent told you. They wouldn't tell us when we got outbid.

House prices are going to rocket!

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