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Buyer - stamp duty - deadline - headache

6 replies

StampDutyDeadlineHeadache · 09/06/2021 16:15

We accepted an offer on our flat in late March. Our buyer knew we hadn’t been able to even look for ourselves until we were under offer so we made no commitment to meeting the stamp duty deadline. They asked would we sell chain free and we said no, not for the price we were paying.

Various delays affected both sides - they had two buyers pull out of the purchase of their place and we pulled out of one purchase (bad survey and inflexible vendor) but have now found another place.

We have said that we will break our chain so that they can meet the stamp duty deadline as our purchase is moving slowly. We have made arrangements for that possibility even though it adds some cost and disruption for us. We are basically getting all the hassle and stress of this deadline but none of the financial benefit.

So all in all I think we’ve been pretty decent but our buyer now seems to be extremely stressed out by the deadline, frustrated with delays with solicitors (not sure if it’s ours or theirs slowing things down tbh), calling our estate agent every day and just generally stressing us out. I’m not really sure what more they want us to do. We are at enquiries stage still, we’ve responded to everything we can and some questions are with our management company and freeholder.

I suppose I’m asking you were in our buyers shoes, offering in late March on a place with a chain, would you really have thought stamp duty exemption was a certainty? We are getting worried that they are going to mess us around or drop the price if the deadline is missed now and we simply can’t afford it if they try.

OP posts:
DistrictCommissioner · 09/06/2021 16:22

We have said that we will break our chain so that they can meet the stamp duty deadline as our purchase is moving slowly.

Does this mean you said you would go into rented?

readytosell · 09/06/2021 16:26

Seems to be a lot of threads on this at the moment, both on here and some other forums I use online.

To be honest end of March only gives around 3 months, which is fine if it's probably a chain done and ready to go and all ducks lining up but doesn't sound like that has been the case!

Didiusfalco · 09/06/2021 16:32

It doesn’t sound like you can do much about it, apart from being on top of your solicitor and waiting it out. Maybe they will try and drop the price if they miss the deadline - they may not actually have the money for stamp duty, but it’s not something you can control, just keep organised with your side of the paperwork and hope for the best.

Idontgiveagriffindamn · 09/06/2021 16:34

To be honest I’d be chasing up everything as well. I often find that those that don’t go the back of the queue.
Sorry it’s causing you stress though.

Andthenanothercupoftea · 09/06/2021 17:41

They shouldn't have expected to meet the deadline with an offer in late March.

Sounds like you are going over and above for them, so good on you.

StampDutyDeadlineHeadache · 09/06/2021 19:26

@DistrictCommissioner

We have said that we will break our chain so that they can meet the stamp duty deadline as our purchase is moving slowly.

Does this mean you said you would go into rented?

Hoping to avoid it and stay with family and put our stuff in storage but only for a short while. The onward purchase part has been much more difficult than we expected and I feel we’ve gone too far really by offering to break the chain but we are selling a flat with only communal outside space, not too easy these days, and didn’t want to lose our buyer.
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