House Buying / Selling Thread

Gaudion M said:
A lot of people assume this is the case and there is some exception for buying a home to live in however the change in law is quite clear. If you own any type of property and buy another the stamp duty is a minimum of 3%. There is an allowance for buying one and selling one within 3 months (i think) however you pay the 3% and can claim it back once your sale goes through.



Clearly something wrong. Have you had a look round at what houses are selling for?
Click to expand...


No, you are wrong.
I refer you to this article

http://www.thisismoney.co.uk/money/...concerned-second-home-stamp-duty-reforms.html

Please look at the chart.
It is a standard chart issued by HM Government used throughout the industry to explain the ramifications.
It clearly shows a main residence replacement does not incur higher rate stamp duty, regardless of how many properties are owned.

Can you provide any evidence that that is incorrect?
 
denislawsbackheel said:
No, you are wrong.
I refer you to this article

http://www.thisismoney.co.uk/money/...concerned-second-home-stamp-duty-reforms.html

Please look at the chart.
It is a standard chart issued by HM Government used throughout the industry to explain the ramifications.
It clearly shows a main residence replacement does not incur higher rate stamp duty, regardless of how many properties are owned.

Can you provide any evidence that that is incorrect?
Click to expand...


Pretty sure i'm right from the text in the artice you have linked it states the following:

Buying a home and keeping your old one or flipping your main residence

If you buy a second property you will always have to pay the higher rate of stamp duty, even if you plan to live in it and rent out your old one.
If you keep your old home at the time of completion you will need to pay the extra stamp duty charges, even if you move into a new main residence.
The only leeway is that you can get a refund of the stamp duty if you sell your old property within 36 months. This aims to help those who may hit delays in the selling process.

Which is what i typed above.
 
I'm looking at buying my first property but houses in the areas we want are going within hours of going on the market, we've seen a house we like that is up for offer over 145K. The estate agent has arranged two open days the first was yesterday which we went to along with probably another 15 interested parties, the other is tomorrow. I'm expecting a flurry of bids to go in mainly by builders / investors as the property is probably worth £190K after somebody spends approx £10K, we want it but estate effectively wants sealed bids for Monday can't decide what to offer, we obviously dont want to miss out on it by putting a low bid in but dont want to overpay! Any advice?
 
Sold our house in Stafford with emove, went within a few hours of going live... We added 15k to what we thought we might get and the first viewer offered 99% of the asking so we took it...

Got pressured into moving out by our buyer and we've been with our sons in their apartment since last Monday.. Thought we might get the keys to the new place today but there is one family at the end of the chain where the couple from the house we bought are going. It's a sale after a bereavement and they agreed the price 8 weeks ago yet haven't emptied the bloody place... So we got delayed again last, minute... The awkward thing is not when we are getting the keys but when we can get our gear out of storage as the removals firm are stacked out and every week costs us a storage fee..

Ranting a little but I'd say the market is pretty bouyant right now
 
Just bought my first home there a week ago, was sale agreed since start of February, it was a negative equity house, I bought for €155,00 they paid €310,000 during the celtic Tiger boom, so the bank took forever releasing the letter to allow them to sell it to us, fair hit to be taking on the house for them having also pumped the guts of €40,000 into renovations on the house also. But the waiting for that letter from their bank was a very stressful time for us and them.
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Drog_Town_Punk said:
Just bought my first home there a week ago, was sale agreed since start of February, it was a negative equity house, I bought for €155,00 they paid €310,000 during the celtic Tiger boom, so the bank took forever releasing the letter to allow them to sell it to us, fair hit to be taking on the house for them having also pumped the guts of €40,000 into renovations on the house also. But the waiting for that letter from their bank was a very stressful time for us and them.
Sent from my SM-T310 using Tapatalk 2
Click to expand...
Wow... The house we are buying is in negative equity but only ~5% and here was me feeling sorry for them
 
Certainly looking just like 2000-2006 again in much of Manchester and the surrounding areas, a complete buying frenzy with mugs financially overstretching themselves and buying all sorts of overpriced crap.
 
We sold our house in Feb and moved into our new house 1st week of may. quite surprising how long and how stressful a process it is buying and selling a property and i dont think we will be doing it again!

We bought our 3 bed semi in 2001 for £43,500 and then sold it for £118,00. Our new house (its not a new build) we bought for £145,000. A much bigger 3 bed semi and in a nicer spot which the kids are loving. We had around 65k in Equity so our new mortgage is very manageable, around £400 per month. Halifax were brilliant throughout the process and offered us far more money to lend than the independent financial adviser offered us.

I live in between swansea and cardiff just along the M4 corridor and the housing market seems to be moving in the right direction again. We looked at moving around 4 years ago and our house was only valued at £79,000 back then.
 
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