The nervous wait to exchange....

[ci_newman]

When viewing the propery,(3 times now) we did not notice any signs of this and the last time we went, we went with a builder

Have you actually had a proper house survey done? Not a home-buyers, but an actual survey?

 

[jonneymendoza]

Have you actually had a proper house survey done? Not a home-buyers, but an actual survey?

Yes a level 3

 

[ci_newman]

Yes a level 3

If there was no indication or warning of subsidence in that report, you should be fine (and covered by the insurance on the survey anyway).

 

[413x]

Ive just completed! Off to get the keys now.

Congrats. Hope you got a nice long low mortgage fix

 

[roadie]

Me and my girlfriend have reserved an off plan, new build, 4 bed house outside of Salisbury. It is probably the worst possible time to do so with recession and rising interest rates, but it is necessary for a better life together and to shorten our respective commutes.

Can anyone recommend any useful guides for helping through the process? We have already instructed a solicitor and mortgage broker.

 

[-Ad-]

Our one is progressing finally. The old dude is going to move out and shack up with the daughter until they find the super multi generation mansion they're looking for.

Just eagerly waiting the hopeful stamp duty holiday being announced tomorrow by Truss. Should cover all new kitchen units

 

[danlightbulb]

Congrats. Hope you got a nice long low mortgage fix

5 years 2.84%

 

[~Divine~Wind~]

Hi, how long does it take to get the inquiries and searches done?

My solicitor started these process on Aug 18th.

If yer on a limited timeframe you could look to a search indemnity, not all mortgage providers accept them tho

 

[~Divine~Wind~]

All lenders are different. Some have a baked-in "grace period" where so long as you request the funds before expiry they will honour it within X time. But then if the date changes its game over.

Some will grant 2 week or 1 month extensions which usually have to be requested by the borrower or broker but there's a few lenders that need it requested by solicitors with an expected completion date.

Some won't grant extensions.

Probably also worth adding it depends on how the application was made, bank mortgage advisor, 3rd party mortgage advisor, direct application with no advice, they can all have different T+Cs

 

[Russinating]

Who exchanged and paid their stamp duty yesterday then?

 

[jonneymendoza]

If yer on a limited timeframe you could look to a search indemnity, not all mortgage providers accept them tho

Some of the searches have been done. i even have a fll report copy of the enviorment searches.

Who exchanged and paid their stamp duty yesterday then?

I think there was someone here who did a few days ago!

Anyways, for my case i only save 2.5k

 

[Sho]

Any updated stamp duty calculator?

 

[tamzzy]

Any updated stamp duty calculator?

What the 45p income tax rate U-turn means for you

Use our tax calculator to find out how the Government's decision will affect your income

www.telegraph.co.uk

if you hit a paywall then: https://12ft.io/proxy?q=https://www...ty-national-insurance-income-tax-mini-budget/

 

[Lmg80]

Assumption stamp duty is paid after COMPLETION date? I have already exchanged, but completion next Thursday ergo not expecting to pay anything?

HMRC website

Stamp Duty Land Tax online and paper returns

Find out about sending a Stamp Duty Land Tax (SDLT) return, late filing penalties, amending a return and applying for a refund.

www.gov.uk

Interest charges​

You must pay any SDLT due within 14 days after the effective date of the transaction. If you pay the tax late, you’ll pay interest from the day after you should have paid it until the day you pay it.

The effective date is usually the date the transfer completes, but it can be the date the contract is ‘substantially performed’ if this is before completion. ‘Substantial performance’ is when one of the following happens:

• most of the buying price is paid – normally 90% and payment can be in cash or something else of economic value
• the buyer is entitled to possession of the property
• the first payment of rent is made

 

[~Divine~Wind~]

Some of the searches have been done. i even have a fll report copy of the enviorment searches.

I think there was someone here who did a few days ago!

Anyways, for my case i only save 2.5k

Aye 2.5k here too

Whilst I was hoping they'd just do away with it haha I wont complain at 2.5k saving

Covers the wasted fees I've seen due to clownshoe buyers lol

 

[~Divine~Wind~]

Assumption stamp duty is paid after COMPLETION date? I have already exchanged, but completion next Thursday ergo not expecting to pay anything?

HMRC website

Stamp Duty Land Tax online and paper returns

Find out about sending a Stamp Duty Land Tax (SDLT) return, late filing penalties, amending a return and applying for a refund.

www.gov.uk

By the skin of yer teeth! haha

 

[Sho]

What the 45p income tax rate U-turn means for you

Use our tax calculator to find out how the Government's decision will affect your income

www.telegraph.co.uk

if you hit a paywall then: https://12ft.io/proxy?q=https://www.telegraph.co.uk/tax/news/calculator-stamp-duty-national-insurance-income-tax-mini-budget/

Thanks.

Saving £2k.

 

[Itchytrigg]

By the skin of yer teeth! haha

Same here with completion coming next Friday, £5k saved is going to be nicely received!

 

[~Divine~Wind~]

Same here with completion coming next Friday, £5k saved is going to be nicely received!

aye deffo not to be sniffed at

 

[Liquid_Entity]

Got all my forms to sign on Thursday last week in regards to HM Land Registry, Contracts etc. They sent me a SDLT form which presumably is now scrap but it was weird it only said on a purchase of £246000 it was only taxable for £2420. That's not 2% is it. Anyway, don't matter now I am not paying Stamp Duty.

Hopefully only another month to go now as I did stipulate I can't complete until after final mortgage payment on current place on 2nd November.