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HELP we have a buyer but stamp duty too high

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  • HELP we have a buyer but stamp duty too high

    We are emigrating and in fortunate situation to have found a buyer without using an estate agent. Unfortunately we have had the house valued buy estate agents around 270,000 but because of stamp duty they have said we should realistically price around 250,000 because of the stamp duty threshold increase from 1% to 3%.

    Is there any legal we can sell the house for 250,000 and get the extra 20,000 as say fixtures and fittings to avoid our buyers paying stamp duty at 3%.

    I don't want to break the law but would like as much for the house as possible & 250,000 is just too low.

    We have not discussed the price with our possible purchaser.

  • #2
    Re: HELP we have a buyer but stamp duty too high

    Only if the extras are truly worth £20k - otherwise it's tax fraud.

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    • #3
      Re: HELP we have a buyer but stamp duty too high

      If you are emigrating you could sell the furnishings as extras. Or you could sell it for 275+ and pay the stamp duty for them. Or you could accept that in the current market the house is only worth 250K. As you will not be using an agent, apart from getting their valuations and ignoring their advice, you will be saving on fees.

      (Sorry, have had a bad day )

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      • #4
        Re: HELP we have a buyer but stamp duty too high

        drhouse is quite right - it's not uncommon at all for the seller to offer to pay the Stamp Duty to help make for a quicker sale.

        It's not guaranteed to work, but does offer to make it easier on the buyer.

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        • #5
          Re: HELP we have a buyer but stamp duty too high

          drhouse is quite right - it's not uncommon at all for the seller to offer to pay the Stamp Duty to help make for a quicker sale.

          It's not guaranteed to work, but does offer to make it easier on the buyer.
          Buyer's lender will want to know about the "stamp duty being paid" and will downvalue property accordingly so this can affect LTV ratios for mortgages and if the buyer needs a high LTV mortgage may prevent the figures working.
          RICHARD WEBSTERwww.rwco.co.uk
          As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

          Comment


          • #6
            Re: HELP we have a buyer but stamp duty too high

            My tax guys reduced my stamp duty by more than half totally legally just using clever accounting. I am happy to share this info with anyone interested!!

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            • #7
              Re: HELP we have a buyer but stamp duty too high

              Please post full details of the scheme here and we will all be very interested!!!
              RICHARD WEBSTERwww.rwco.co.uk
              As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

              Comment


              • #8
                Re: HELP we have a buyer but stamp duty too high

                Originally posted by Murray Whelan View Post
                My tax guys reduced my stamp duty by more than half totally legally just using clever accounting. I am happy to share this info with anyone interested!!
                Please share this out. As I'm searching for a house and its definitely going to be above 250k mark, any savings in stamp duty would be substantial for me.

                Comment


                • #9
                  Re: HELP we have a buyer but stamp duty too high

                  My tax guys reduced my stamp duty by more than half totally legally just using clever accounting. I am happy to share this info with anyone interested!!
                  Well, we're waiting to hear from you!
                  RICHARD WEBSTERwww.rwco.co.uk
                  As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.

                  Comment

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