Should I delay exchanging contracts or closing until after the Budget?

M

moe1013

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Hi all

Supposed to exchange contracts on our house next week. I had assumed there would be no property tax introduced in this budget, however that looks wrong now! Assuming stamp duty is scrapped or reduced can anyone tell me if stamp duty is payable on signing contracts or exchange of contracts? If the latter we may try and delay exchange. This may prove very difficult and the sale may fall through..

Also can anyone remember when stamp duty rates were changed in previous budgets was there any clawback for those who had payed prior to the budget and were "out of pocket". I'm aware some people are speculating that if you have payed stamp duty in the last few years you will be exempt from any property tax for a while, however it will have to be a long while for us!

I know we are all speculating but timing is critical, opinions welcome.
 
Stamp Duty is charged on the closing of the deal, not on the exchange of contracts.

You should set a closing date after Budget Day.

You should exchange contracts now, as in previous years, there was some evidence of selllers upping the price as the borrower had more money to pay.

There could be some tapering in of property tax for those who paid stamp duty in the recent past. However, I would prefer to save the stamp duty now.

Brendan
 
I wonder what would happen though if the Budget is not passed by the Dail?

I wonder could you make the closing date subject to the Budget being approved?
 
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