Developer Agreed to Pay Stamp Duty, As stamp duty decreased can we get benefit

[yshakoor]

As every one knows stamp duty has changed significantly in yesterday budget annnouncement. I am due to exchange my contract in December 2017 and have a question in relation to stamp duty change.

Developer agreed to pay the stamp duty and it's been stated in sales resvation form. Considering if stamp duty would have increased then the additional cost from what Developer has agreed would have been on my shoulder but in this case as stamp duty has reduced significantly, can I ask my developer to give me benefit against the difference.

Thanks

You can ask, but you can't force them

Doubt you'll have much luck. A bit like when interest rates go up and all the mortgage rates go up but we never see any change in our savings accounts

You might as well give it a try though.

I would definitely give this a try - since they won't be forking out, they may give you a price reduction.

You may have more luck in asking for something additional like a fireplace or flooring as that will 'cost' them less.

Thanks for all the replies. Still waiting for developer response.

God, greedy much?

Won’t the developer be forking out? They won’t be a first time buyer...

Correct dry.

If I'm reading your post right - you've been given a perk by the government of no stamp duty or reduced and now you also want the builder to give you a bonus too buy giving you cash ?

By (embarrassing type there!)

Seems reasonable to ask. The developer can’t actually pay your stamp duty to HMRC , they essentially give you a discount to the amount of the stamp duty off what you have to pay them.

Not sure why everyone is calling you greedy, developer will be making a big fat profit off you, I don’t see why you have to be charitable towards them! New builds are generally quite over -valued, you should be able to squeeze the developer a bit.

Yes the OP is the greedy one and not the fat cat developers 🙄

Good luck with your purchase OP

Why should the developer gain from something that's been implemented to help first time buyers?
Op, most people I've seen on Instagram have been offered money off their extras instead. Apart from Persimmon, they've refused apparently.

It's actually an exchange that you're requesting, not an additional perk.

• The developer was going to pay your stamp duty to encourage you to buy
• Now there is no stamp duty to pay because of a change in government policy
• Therefore YANBU to arrange a price reduction that is the equivalent of the stamp duty the developed would otherwise have paid on your behalf.

They may not give you a physical discount on the house, but ask for upgrades on the basic items or if it's not included ask for things like turf and carpets etc.

I'm sure I read before they won't offer you a discount on the price of the property as this may mean that other houses don't sell for the proper price, as the price is dictated by other properties in the area IYKWIM.

Considering if stamp duty would have increased then the additional cost from what Developer has agreed would have been on my shoulder

It shouldn't have been on your shoulders.

So for that reason I also think you should ask for the equivalent in stamp duty to be applied elsewhere. Asking for extra for the pot towards carpets/turfing the garden etc might be a compromise.