Author Topic: Stamp duty and part exchange  (Read 8196 times)

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Stamp duty and part exchange
« on: December 09, 2014, 08:54:18 pm »
We are part exchanging our home and we're happy with the deal which included stamp duty, that was until the recent news that stamp duty is reducing in our case by £3,300. I contacted the developer and asked what was going to happen, their reply is nothing. The girl said if I bought a jumper I couldn't take it back because it was in the sale.
My answer was, "I haven't bought anything yet."
I have asked they split the difference so we both gain and pay our legal fees.
We haven't signed yet and are due to complete on Monday. What would you advise?

New Home Expert

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Re: Stamp duty and part exchange
« Reply #1 on: December 16, 2014, 08:21:06 am »
The saving on Stamp Duty now due is quite substantial - £3,300.
The smart move would be to spend your rather large budget on a decent older home.
It would work out much better value in the end and you already know how this builder treats its customers!

That said the deal said stamp duty paid and stamp duty is still being paid by the builder.
You have not lost anything, the builder has gained.
If the stamp duty had increased, would you have been willing to pay the difference?
Thought not!
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