Prospective stamp duty change - due to complete tomorrow

[FTBlookingforadvise]

Hello, I'm a FTB and wondering if anyone could offer advice. I'm due to complete tomorrow - Thursday 22nd (have exchanged) and in light of the speculation on a possible stamp duty change on Friday have raised the prospect of moving the completion date to Friday. The seller is open to this but there is a complication in that the property is not their primary residence so CGT is due. Effectively they have said we can agree to move the completion date to Friday but on the condition that I indemnify them in the event of any changes to CGT taking immediate effect or any other punitive charge. My feeling is that it's not worth taking the risk but would be interested to hear any opinions on what you'd do in this situation? As I said I'm a FTB so could really do with any reduction in tax but at the same this seems highly risky. Thanks in advance

Be warned as you have exchanged you could be held in breech of contract if you don't complete.

If it were me I would still complete. You don't know when it will take effect so you could then be waiting weeks.

I would be absolutely astonished if Liz Truss raised CGT. It would go against everything she appears to stand for.

Surely at exchange you all agreed completion dates and this is in the contract so you would be in breach. Your bank/mortgage company is all poised to send money in the morning as well. No one knows what will be announced and when it'll be valid from so waiting a day may not be beneficial as it may come in midnight Friday if you know what I mean.

If you are a FTB isn't your purchase exempt from SDLT anyway?

Only up to £300k. Given you have already budgeted for it, it seems quite a gamble to risk trying to delay everything at this late stage.

Given you have already exchanged, I'd take the possible hit, and complete.
There could well be associated costs and risks with not completing at this stage.

I would be really annoyed that you even asked this at such a late stage. You are under contract to complete and I am astounded that they are even considering a delay.

Hmm, I'm not. If it was a situation where I didn't desperately need the money and wasn't going to actually move - so it didn't really matter if the sale completed tomorrow or next week - I'd probably agree to delay even after exchange. In this case though I do think it's a risky move which could also negatively impact the seller so I'd just go ahead and complete.

She 100% won’t remove the CGT exemption on primary residences

but surely you will be in breach if you don’t complete and bank will be transferring monies tomorrow??

It’s a bit late now. Your conveyancer probably already has your mortgage funds.

Itll be effective from a certain date and sadly you probably not going to be eligible. Youve exchanged so there's no going back really

Op did you get it in time ?