The nervous wait to exchange....

kitkat9933 · 8 Jul 2020 at 14:22

Jez said:
https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

Ah, published the detail now. Oh well, this is to be expected that it would be populist only

Woo £15k saved!$%!@

bloodiedathame · 8 Jul 2020 at 14:26

Hawk Tuah · 8 Jul 2020 at 15:06

Jez said:
https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates

Ah, published the detail now. Oh well, this is to be expected that it would be populist only

Get in. That's £15k saved for me.

IvanDobskey · 8 Jul 2020 at 15:44

Missed out on saving 6k by a matter of weeks! Absolutely typical

Temujin · 8 Jul 2020 at 15:51

kitkat9933 said:
I'd always go for comprehensive for peace of mind. For the risk on any house purchase, is it really worth trying to save £200. I know it adds up £200 here and there.

Thanks! Yeah i get it, especially with the reduction of SD we're getting the property cheaper so paying the slight bit more for peace of mind is probably worthwhile!

Regarding SDLT, i'm thinking because our property is 337k we would now be paying 0 SDLT instead of almost ~7k? The calculator on the gov site still thinks (albeit maybe because i'm using it wrongly) we would be paying £3.5k

kitkat9933 · 8 Jul 2020 at 15:58

akaFonzie said:
Thanks! Yeah i get it, especially with the reduction of SD we're getting the property cheaper so paying the slight bit more for peace of mind is probably worthwhile!

Regarding SDLT, i'm thinking because our property is 337k we would now be paying 0 SDLT instead of almost ~7k? The calculator on the gov site still thinks (albeit maybe because i'm using it wrongly) we would be paying £3.5k

It's now £0 until next March.

Basically all the bands are the same, you just don't pay any on the first £500k.

IvanDobskey · 8 Jul 2020 at 16:09

It takes at least 6 months to buy a house these days, so people need to get a move on if they want to take advantage of this.

Temujin · 8 Jul 2020 at 16:51

kitkat9933 said:
It's now £0 until next March.Basically all the bands are the same, you just don't pay any on the first £500k.

Noice! That'll pay for some of the stuff we need to fill the house then..

Hawk Tuah · 8 Jul 2020 at 17:20

I expect a massive boom coming from this.

mid_gen · 8 Jul 2020 at 20:16

Well, no difference to me as my property is under the FTB exemption anyway, alas.

But my solicitor did finally see the light today and stopped putting the brakes on, so now it's just left to arrange a completion date.

mid_gen · 8 Jul 2020 at 20:18

Bug One said:
I expect a massive boom coming from this.

Can't see much of a boom....but it'll stop asking prices dropping in the short term...which is what it's all about...can't be having property prices fall, so get the money printer out. Utterly ridiculous.

b0rn2sk8 · 8 Jul 2020 at 20:29

mid_gen said:
Can't see much of a boom....but it'll stop asking prices dropping in the short term...which is what it's all about...

This pretty much, it will keep things going in the short term but the long term prospect isn't great if the jobs market does't recover quickly. As in 2008, the property market followed the jobs market. The jobs market has started to cool and will continue to do so until the end of the year, the property market is currently dealing with 3 months of pent up demand. Once that it done is will follow that ever trend the jobs market does regardless of stamp duty cuts or not.

There are two huge downsides of the holiday as well which no one is talking about:
If they extend the holiday or make it permanent then it will just become the 'new normal' and any behavioural effect of the cut will be quickly diminished. The average stamp duty bill isn't that big and is tiny in the grand scheme of house ownership.
It will kill the housing market beyond January as people will not be able to complete the sale in time for the end of March and they will not want to 'lose out' or the'll hold off on the chance it is extended.

Merlin5 · 8 Jul 2020 at 20:49

I think anyone who has only exchanged contracts but not completed before today, still doesn't have to pay stamp duty as long it completes before 31st March?

I've been thinking of selling my flat and looking for a house under £500K but I won't be able to for a few months. Would certainly be nice to save a few grand if I can buy one before the stamp duty holiday finishes next year.

NiCkNaMe · 8 Jul 2020 at 21:05

Wished I hadn't completed in march now

nice to see the support is in place for those who had the solitude to keep things moving!!!

Muban · 8 Jul 2020 at 21:08

IvanDobskey said:
It takes at least 6 months to buy a house these days, so people need to get a move on if they want to take advantage of this.

Is the process really that different in England? Finally sold my flat, competed last Friday. 7 weeks in total from offer to completion.

mid_gen · 8 Jul 2020 at 21:20

Muban said:
Is the process really that different in England? Finally sold my flat, competed last Friday. 7 weeks in total from offer to completion.

The process in England is ******* insane. It's a miracle it only take an average of 12-15 weeks.

2004typer · 8 Jul 2020 at 21:37

2004typer said:
Great news for me - just going through the legal process now - nice 6k saved!

Hope they backdate for the peeps above.

Spoke too soon - seller of the house we were buying has gone and decided at 4pm today they are staying where they are......had the mortgage sorted, legal pack all filled out with solicitors and searches all underway. Gutted.

NiCkNaMe · 8 Jul 2020 at 22:24

2004typer said:
Spoke too soon - seller of the house we were buying has gone and decided at 4pm today they are staying where they are......had the mortgage sorted, legal pack all filled out with solicitors and searches all underway. Gutted.

Should really made to pay some sort of fine to the affected party when they do that.

toshj · 8 Jul 2020 at 22:36

Jez said:
This means that we will need to front all of the SDLT now, which is a lot to find, and then hope that we are in a position and will be forced to offload our existing PPR within 24 months to claim the rebate. If this were to apply to the 3% loading too, then we would avoid the need to front an extra £30k on the £500k slice temporarily.

I thought the rebate was 36 months?

2004typer · 8 Jul 2020 at 22:43

NiCkNaMe said:
Should really made to pay some sort of fine to the affected party when they do that.

Luckily I've not shelled anything out - survey was free with the mortgage app, and sister in law is our solicitor........but could quite easily been well out of pocket! Main issue now is, not much else on market in our neck of the woods we are interested in, so going to have to stalk Rightmove and jump on one as they come up, but worried about new sellers bumping up the asking price following today's announcement, and the inevitable bidding wars for anything decent.