Stamp duty query!

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14 December 2008, 05:01 PM

BLU

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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

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14 December 2008, 05:18 PM

SunnySideUp

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It's the price paid mate.

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14 December 2008, 07:27 PM

PaulC72

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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

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15 December 2008, 03:50 PM

BLU

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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

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15 December 2008, 04:06 PM

boxst

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I would worry about your solicitor to be honest.

(it is the price paid)

Steve

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15 December 2008, 04:09 PM

Nido

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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!

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15 December 2008, 04:17 PM

Luan Pra bang

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

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15 December 2008, 04:36 PM

sti-04!!

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

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15 December 2008, 05:38 PM

BLU

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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

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15 December 2008, 05:41 PM

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boxst

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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

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15 December 2008, 08:31 PM

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BLU

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

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16 December 2008, 06:31 PM

#12

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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!!