Stamp duty query!

Reply Subscribe

Thread Tools

Search this Thread

Dec 14, 2008 | 05:01 PM

BLU

Thread Starter

Scooby Regular

iTrader: (27)

Joined: May 2008

Posts: 4,833

Likes: 2

From: Welsh Northland

Stamp duty query!

I'm just about to complete on my new build house. I've just had the bill breakdown from my solicitor and the stamp duty has been worked out on the property release price, not the price I am paying for it.

So my question is, should my stamp duty be worked out on;
3% of the property release price
or;
3% of the price I am buying the property for?

Hope its the latter as its a £750 difference

Dec 14, 2008 | 05:18 PM

SunnySideUp

Scooby Regular

Joined: Jun 2008

Posts: 5,559

Likes: 0

It's the price paid mate.

Dec 14, 2008 | 07:27 PM

PaulC72

Scooby Regular

Joined: Sep 2006

Posts: 5,108

Likes: 0

From: RIP Tam.

got to be price paid, the advertised price is just the starting point to guage interest.

Give them a call tomorrow they'll soon correct it

Dec 15, 2008 | 03:50 PM

BLU

Thread Starter

Scooby Regular

iTrader: (27)

Joined: May 2008

Posts: 4,833

Likes: 2

From: Welsh Northland

Just spoken to my solicitor. Hes awaiting a call from the housebuilders as hes not sure if the stamp duty is calculated on the gross price (release price) or the net price (release price minus my discount {the price I'm paying})
I wouldn't be surprised if its the dearer one. Theiving *****rd government

Dec 15, 2008 | 04:06 PM

boxst

Scooby Regular

Joined: Nov 1998

Posts: 11,905

Likes: 0

I would worry about your solicitor to be honest.

(it is the price paid)

Steve

Dec 15, 2008 | 04:09 PM

Nido

Scooby Regular

Joined: Aug 2006

Posts: 990

Likes: 0

Quote:

Originally Posted by boxst

I would worry about your solicitor to be honest.

(it is the price paid)

Steve

Exactly what I was going to put!

Dec 15, 2008 | 04:17 PM

Luan Pra bang

Scooby Regular

Joined: Jan 2004

Posts: 4,207

Likes: 0

Its the price paid unless the discount is down as an incenticve that is returned to you as a broker fee.

Trending Topics

Whiteline rear arb with Hardrace lateral arms mismatch?

3

115

Dec 15, 2008 | 04:36 PM

sti-04!!

Scooby Senior

Joined: Dec 2004

Posts: 13,320

Likes: 0

From: Passing ...............

I'd be looking for another solicitor if i was you mate. Its as above unless the discount is classed as an incentive.

Dec 15, 2008 | 05:38 PM

BLU

Thread Starter

Scooby Regular

iTrader: (27)

Joined: May 2008

Posts: 4,833

Likes: 2

From: Welsh Northland

Quote:

Originally Posted by Luan Pra bang

Its the price paid unless the discount is down as an incenticve that is returned to you as a broker fee.

How exactly does this work.

As far as I was concerned we negotiated a price for the house and at no point were we told it was an incentive. On my reservation form there is 2 boxes one that says release price and one that says purchase price!! There is also a special conditions part that has; discount of ...... for exchange of contracts by...... which is the difference between release price and purchase price!!

I'm fuming now and can't get an answer as everyone has gone home

Dec 15, 2008 | 05:41 PM

#10

boxst

Scooby Regular

Joined: Nov 1998

Posts: 11,905

Likes: 0

I doubt very much it is an incentive (as in cash is returned to you), if it is just a discounted price then that is the price you pay duty on.

Steve

Dec 15, 2008 | 08:31 PM

#11

BLU

Thread Starter

Scooby Regular

iTrader: (27)

Joined: May 2008

Posts: 4,833

Likes: 2

From: Welsh Northland

Yeah, thats what I thought!! Can't see how it would benefit the house builders?? Gona give em some stick in the morning

Dec 16, 2008 | 06:31 PM

#12

BLU

Thread Starter

Scooby Regular

iTrader: (27)

Joined: May 2008

Posts: 4,833

Likes: 2

From: Welsh Northland

Turns out it was the house builders at fault, not my solicitor. All the paperwork has been amended and I'm paying stamp duty on the price I'm paying!!