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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10412
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I am about to buy a house and I am near completion. A

Resolved Question:

Hi, I am about to buy a house and I am near completion. A company online has claimed that it can save me £29,000 on the house purchase price of £750,000. This is a second house for me. I am buying a new house as a home and will rent out my old house. This company claims:
Our tax effective conveyancing will guarantee a minimum saving of 60% of the stamp duty liability on completion day (to include the newly introduced 3% levy if applicable) by introducing a legal Exemption laid down in the Finance Act 2003 – Section 48 part 2 which complies with all tax legislation law to date. The planning we provide has no effect to any Lenders usual First Charge when a mortgage is involved OR your normal Freehold ownership and any future sale of the property.You will also have the standard entry on the Land Registry as the new owner. Some key points with the planning include:
The planning is invisible to the Land Registry entry
No legal requirement to be laid down anywhere
CML (Council of Mortgage Lender) compliant
Planning fees fully insured by leading UK provider
No requirement for Disclosure to any third party
...Is this legitimate?
Submitted: 11 months ago.
Category: Law
Expert:  Aston Lawyer replied 11 months ago.

Hi,

I'm afraid the Government have cracked down on all SDLT avoidance schemes, which previously entailed the property either being purchased in the name of a Company, or one whereby you grant a third party a right to purchase the property at a reduced sum to the sum you are buying for. Either way, there was a Judicial Review on all such schemes and the Government won.

So, I would suggest that you stay well clear of any Companies who do boast that they can save you money on Stamp Duty- it won't work!!

I hope this assists and answers your question.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10412
Experience: Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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