Robin Young confronted the agony many homebuyers expertise – his financial savings have been going to be swallowed by stamp obligation.
“We had £20,000 in financial savings, sufficient for the £19,500 we would have liked to pay the 5% deposit on a £390,000 home in Banbury, Oxfordshire.
“But stamp obligation was going to be £9,500, which might have left us with solely £10,500 for the deposit.
“It appeared as if me and my girlfriend Agnieszka can be compelled to purchase a house someplace smaller and cheaper.”
Robin pushed his luck and saved £17,000 when he purchased his household residence
However, after setting their hearts on the four-bedroom new-build from Bovis Homes, they negotiated the property worth in a deal that resulted in them paying not a single penny in stamp obligation.
“I had observed that new-build corporations typically had gives for stamp obligation,” says Robin, 36.
“I spoke to gross sales representatives at Taylor Wimpey and Barratt to see what they provided. I was then ready to inform Bovis what their rivals have been prepared to pay.”
The couple went into their negotiations aiming not solely to get the £9,500 stamp obligation coated, however to have free carpets and tiling thrown in too.
“You usually must pay additional for flooring, which might add as much as hundreds of kilos.
“The Bovis gross sales particular person stated she didn’t assume they’d be capable of do it,” says the finance supervisor, who additionally runs a fitness center gear worth comparability web site Fitness Savvy.
After nervously ready for 3 days, the couple heard that Bovis had agreed to pay their stamp obligation and flooring prices.
“The solely phrases have been that we got here down that day to put the safety deposit of some hundred kilos – I raced there to make the fee. Not having to pay for flooring saved us £6,000 to £7,000.”
The couple’s fortunate streak continued in the course of the shopping for course of in December 2016 –- this was earlier than the stamp obligation exemption was launched for first-time patrons.
“We weren’t supposed to have the ability to select the tiles and carpets, however after we went to talk with the gross sales agent in the course of the shopping for course of, she observed that no flooring had been chosen, and allow us to have our say proper there after which.”
What I did
I had been wanting on-line at new-build homes for a 12 months earlier than we have been in a position to purchase a house. I really took the digital tour of the Bovis residence we finally purchased however I wasn’t incomes wherever close to sufficient to afford it.
A promotion at work and a pay rise introduced my wage to the extent we would have liked, and as soon as we noticed the present residence itself we knew it was the home for us.
I spoke to gross sales reps at Taylor Wimpey and Barratt to see what they’d provide by way of extras and stamp obligation. Taylor Wimpey provided flooring and Barratt provided flooring and stamp obligation.
We determined to barter with Bovis on the stamp obligation and flooring. Within just a few days, we heard that we’d obtained them each. We then utilized for a mortgage.
What labored
Ambition! My companion and I have been eager to get a home that will in any other case have been exterior our property worth vary primarily based on the deposit we had. The authorities’s assist to purchase possession scheme allow us to do that.
The time of 12 months. A pal advised me that as we have been shopping for close to Christmas, and it was attending to the tip of the monetary 12 months when corporations wish to bump up their figures, we must always actually push for as a lot as doable.
Going to different home builders first. Once I knew what Taylor Wimpey and Barratt would provide I was ready to barter extra successfully with Bovis.
Carpeting and tiling all through the property would have price £6,000-£7,000 so it was a pleasant quantity to avoid wasting.
Our son Charlie was solely eight months previous after we moved in, so the financial savings we made ensured we had every little thing we would have liked for him, and allowed us to plan for our second little one, Leonardo, who was born in October 2018.
What didn’t work
Make certain you don’t log out any constructing snags – like cracked tiles, or poor paintwork – with the builder till every little thing is completed. These are typical on a brand new construct, and they are often fairly dangerous; we had over 100 on our authentic record. We have been pressured into signing off with just a few issues nonetheless excellent – resembling cracked rendering on the surface of the home, a non-existent washing line and a few damaged tiles. Even although Bovis famous them down, it has nonetheless not sorted them out – and we’ve been right here three years. No matter how small the snag is, don’t log out on it till every little thing is accomplished.
Important info
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