Buying off plan - do I make an offer?

L

LadyJane

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Hi There,

My husband and I are first time buyers. We want to buy this new-build house off plan down in the country. First of all, when buying off plan, do you just pay the asking price or do you make an offer? I hope this isn't too silly of a question.

Also, the price on the house is 320k and the square footage is over the limit for no stamp duty. Would I be correct in assuming that the builder dosen't really expect more than 317.5k? I am sure we could at least talk him down to that to avoid paying the STAMP.

Any help would be great. Thanks!
 
This property may still be exempt of stamp duty.

Over Floor Area of 125 sq. m
New houses or apartments which are purchased by an owner occupier (including a first time buyer) where the total floor area exceeds 125 square metres are charged with duty, at the appropriate residential property rate as per the table above, on the site value (excluding VAT) or one quarter of the total value of the house including the site (excluding VAT), whichever is the greater, subject to clawback. The size of the floor area must be certified by a qualified architect, engineer or surveyor

See [broken link removed]for more details
 
You can always make an offer. Whether it will be accepted or not depends on whether there are other houses in the estate which have already sold at asking price and whether demand seems good and whether the builder is under pressure to sell. It is more than likely that it will be exempt from stamp duty as per Bacchus' reply above.
 
Thanks for the feedback. Sheesh, stamp duty is complicated! I am relieved though.

I might try and put in an offer a few thousand below sale price. If they refuse, I haven't lost anything!

Cheers!
 
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