How much over HR value, 5% stamp duty band

[Clydie89]

Hi,

We're looking to buy our second property. Everything going a bit mad at the moment with houses getting lots of interest and selling quickly.

The house we love is on for oo 240k, HR value of 245k. A previous house we loved went for 12.5% over asking before we even got home from the viewing. It was just under the stamp duty threshold though.

We're thinking of offering 5.5% over HR value on this one... Do we stand any chance? Is it a cheeky offer?

what's your solicitor saying? Usually the solicitor would have a good view of the local market and the property type.

I've bought a couple of places near HR, it really depends.

Solicitor was a bit non committal as everything manic at the moment.

Hmmm, that's not very helpful of your solicitor. You'll have to weigh it up, if 5.5 percent over Hr is what you're willing to pay then that's what you offer.
Always a fraught business with no guarantees.

I think it depends what area you're in but if the market is moving fast I'd expect closer to 10%. I would image that a lot of people will try to keep below the £250k stamp duty threshold so if you can afford more than that then I would bid above it.

Did you manage to talk to the estate agents that sell it to gauge how much interest there is? Could also try seeing how long it was before it went to closing date?

Where is it? Are there notes of interest?

Have you factored in paying ADS for a second property. Just in case you’ve still to budget for this.