richardworrall
Premium Member
Registered: 20th Sep 05
Location: Derby
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Ok, now decided to get onto the property ladder.
Viewed a house for second time this evening on the market £127k
Hes more than happy to 'drop the price' below 125k for stamp duty purposes and we pay him for the carpets, curtains etc as a backhander so to speak.
So in what order do things happen now as my minds just all over the place trying to sort so many things out at work etc i cant think straight.
Do we tell the estate agent about the price reduction thing or is that kind of offer not allowed with them?
Then what next?
Arrange the mortgage?
Find a conveyancing solicitor or are there certain ones banks or estate agents like to use?
If there is a simple step by step guide please advise before my head explodes
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John
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Registered: 30th Jun 03
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You won't get away with paying 2k for the curtains and carpets, anything at the thresholds is scrutinised.
He won't in reality get anything more than 125k for it so he's better just accepting that instead of wasting everyone's time.
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fred7
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Registered: 17th May 04
Location: Rugeley, Staffordshire
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Best to tell the estate agent what u want to pay they will make him the offer. Once he accepts they will tell you everything you need to do in order. But first thing is to appoint a solicator (aslong as you have a mortgage proposal in place)
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Russ
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Registered: 14th Mar 04
Location: Armchair
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taking the carpets? fuck me. Tell him he can take them if he doesnt want them then leave them
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AndyKent
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Registered: 3rd Sep 05
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Priced at 127 the agent will be expecting 125 absolute tops, don't be paying the extra for fixtures
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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1. Make a formal offer with the estate agent of £125,000, subject to conditions & surveys.
2. Contact a Independent Financial Advisor/do your own homework and apply for a mortgage, ensuring you have at least 5% deposit. You will go for a Decision In Principle first (assesses your affordability) and then full mortgage application.
3. At the same time as applying for your full mortgage (wait for the DIP to come through) you will need to appoint conveyancers/solicitors.
4. From then it is very much how the conveyancers deal with it but they will then guide you through the process.
5. You will need a survey of some sort.
There is PLENTY of information on the internet about first time buying and the process.
NOTE your total fees including survey will be approx £1500 as you aren't paying Stamp Duty.
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richardworrall
Premium Member
Registered: 20th Sep 05
Location: Derby
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Hes already dropped it from £135k so very reluctant to go any less thats why he mentioned the stamp duty avoidance thing.
Already got Decision in Principle agreed with bank.
Will see what estate agents say this morning.
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Hammer
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Registered: 11th Feb 04
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Deano is now the CS Home Buyer's Guide.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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fred7
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Registered: 17th May 04
Location: Rugeley, Staffordshire
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What did they say richard? Surely wouldnt price it at £127 and not accept under SD
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Russ
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Registered: 14th Mar 04
Location: Armchair
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he may of well dropped the price already, but no cunt is gonna pay 127k and get stung on stamp duty, he wants the extra 2k to cover his estate agent fees
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Haimsey
Premium Member
Registered: 8th May 05
Location: Nottingham Drives: Corsa B
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You will be fine with getting it below the threshold for sdlt.
The 2k on the fittings and contents isn't an amount that would be too badly viewed for tax evasion, just ensure everything is correctly valued that you are buying as additional items.
2k for a living room carpet isn't going to wash, but if it were for carpets in a b and c, this fitting and that, shed, it would be better.
In terms of a survey, homebuyers are pointless things. They tell you how to make the house perfect and will make you think the house is about to fall apart and not worth what your about to pay for it.
There are three sections to observe if you do have a homebuyers report done.
The standard mortgage val is usually sufficient if you're capable of walking round the house and seeing for yourself what needs painting etc.
However if you have issues regarding structural aspects, you may want a survey for that.
Marcy Marc 
White Sport Progress Thread
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M2RTY
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Registered: 25th May 01
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125000 will mean you pay stamp duty
124999 or less means no stamp duty, so dont offer 125 on the nose
Could catch someone out 
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luciaadr
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Registered: 11th Aug 04
Location: Bexleyheath, Greater London
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You'd be soft in the head to pay 127, even if 2k is for "fixtures". Just begging for trouble with hmrc.
Marty, stamp duty is payable OVER 125, not AT 125
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Haimsey
Premium Member
Registered: 8th May 05
Location: Nottingham Drives: Corsa B
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£125,001.00 is sdlt threshold
Marcy Marc
White Sport Progress Thread
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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quote:
Originally posted by Haimsey
£125,001.00 is sdlt threshold
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richardworrall
Premium Member
Registered: 20th Sep 05
Location: Derby
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he accepted at £125k all in. Now comes the hard work.
Any good conveyancing solicitors people recommend and what did you pay. The estate agents have 'in house' solicitors that are gonna call me on monday and go through things and quotes.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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quote:
Originally posted by richardworrall
he accepted at £125k all in. Now comes the hard work.
Any good conveyancing solicitors people recommend and what did you pay. The estate agents have 'in house' solicitors that are gonna call me on monday and go through things and quotes.
All much of a muchness, just get a few quotes.
I'm paying approx £2500 inc VAT (watch the VAT, might catch you out!) but that is £1400's worth of SDLT.
I've gone with a company that only do conveyancing rather than a traditional solicitors.
http://www.rightchoice-conveyancing.co.uk/ - I don't think they're specific with their geographics, but apparently it can help having solicitors that are local and know the area.
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Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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Don't go with the in-house unless they are competitive price wise. The estate agent will get a good kickback to pass on your business and thats the only reason they do it.
In my experiences and friends when buying those that have gone for the 'in-house' solicitors have had no easier a ride than anyone else. If anything out of all of them I would say almost worst (maybe because they can be lazy with all the recommendations
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Haimsey
Premium Member
Registered: 8th May 05
Location: Nottingham Drives: Corsa B
User status: Offline
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U2U'd
In house aren't worse than any others really. Agents are there to sell them, but agreed they can be dearer.
Just depends how you see it and how you deal with the transaction as it progresses.
Marcy Marc
White Sport Progress Thread
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