The nervous wait to exchange....
- Thread starter noj
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Soldato
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Yes this is my understanding as it's only payable on completion. Check with solicitor though.
Yeah will do tomorrow. From what I'm reading it sounds positive!
Soldato
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Yep I think so. Great timing for you as well hopefully save a bunch!
Surprised this stamp duty change has come into effect so quickly, you'd think with the lead time for property transactions it would make more sense to bring it in next month or something, otherwise the taxman is taking a hit on transactions this month that would've happened anyway almost certainly. Actually scratch that, if they didn't make it immediately effective, everyone would just stall their transactions. Ignore me 
The free stamp duty is just for the rich, those that can afford a house up to 500k dont need free stamp duty.
All this does is gives an incentive to 2nd property buyers, whereas first time buyers will find it hard to get on the ladder.
They should have done something about mortgages, most lenders have pulled 5% and 10% mortgages at the moment.
They could have also brought back help to buy isa and improved the help to buy isa, by increasing the bonus payment from 25% and allowing the bonus to be used towards the deposit.
All this does is gives an incentive to 2nd property buyers, whereas first time buyers will find it hard to get on the ladder.
They should have done something about mortgages, most lenders have pulled 5% and 10% mortgages at the moment.
They could have also brought back help to buy isa and improved the help to buy isa, by increasing the bonus payment from 25% and allowing the bonus to be used towards the deposit.
2nd property buyers pay an higher rate of stamp duty already. This isn't about helping the rich. It's about helping 'Average Joe' buy their own house.
What more can they possibly do to help with mortgages than set the base rate at 0.1%?
Soldato
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Shame they didn't bother helping the people who struggled through with their purchases throughout the lock down eh?
This is about reinvigorating a market now that lockdown is (mostly) done. It's never going to please everyone but seems like a positive step.
2nd property buyers pay an higher rate of stamp duty already. This isn't about helping the rich. It's about helping 'Average Joe' buy their own house.
What more can they possibly do to help with mortgages than set the base rate at 0.1%?
The average Joe doesn't have a 500k house. The average UK house price is 247k.
It's all well and good having low interest rates but if people can't access the mortgage in the first place its pointless like I said most lenders have scrapped 5% and 10% mortgages.
While true, it does significantly reduce the cost for people buying second homes/landlords.
Not in the South East it isn't. And nearer London, that gets you a flat.
Soldato
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Second time I've been shafted by the government when buying a house.
I remember buying my first house 18 years ago for 72k when I was earning only 15k a year and had to cough up stamp duty. Only to see stamp duty waived for first time buyers soon afterwards. That would have helped me no end.
Guess I'm just unlucky...
Actually it's more about helping the "Average Joe" being able to move house - FTB's were already exempt on purchases upto 300k.
I believe this was also because of a backlog of mortgages. Removing of stamp duty for the next X months should get the market moving again, which in theory would stabilise house prices and make lenders more favourable to lending 90/95% mortgages again.
For average joe to buy their first house, the existing occupants have to want to sell it.
Associate
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Apologies for the naive question but we recently emigrated to the UK so still trying to read up about what we need or where to start. We have been putting it off to try and save for a dep. But this tax lift is making me more interested to get the ball rolling.
Would you say now is a good time to try ? Also with almost a year of being in the country would that be enough credit history ? I have had direct debits just about since we got here
Would you say now is a good time to try ? Also with almost a year of being in the country would that be enough credit history ? I have had direct debits just about since we got here
It is.