brocken spectre Posted September 20, 2011 Share Posted September 20, 2011 Property Priory Drive, asking for 10k fixtures and fittings. Quote Link to comment Share on other sites More sharing options...
cartimandua51 Posted September 20, 2011 Share Posted September 20, 2011 (edited) Property Priory Drive, asking for 10k fixtures and fittings. Look at the price. They are hoping to duck higher stamp duty. Sure you can charge separately forfixtures and fittings as long as specified in the contract. After all, if you were selling somewhere with a huge garden you might be willing to negotiate a price for the ride-on mower, garden ornaments etc. The general rule AFAIK is that if it's permanently fixed to the wall or floor it normally comes included, if it's moveable (carpets, curtains) it doesn't. As always there are grey areas which is why you get a long schedule from the solicitors to fill in when you sell a house. BTW, HMRC can look quite hard at the valuation of the fixtures and hit you for increased market value of property if they reckon the price is unreasonable. Edited September 20, 2011 by cartimandua51 Quote Link to comment Share on other sites More sharing options...
gilf Posted September 20, 2011 Share Posted September 20, 2011 BTW, HMRC can look quite hard at the valuation of the fixtures and hit you for increased market value of property if they reckon the price is unreasonable. They can, never heard of this happening however and I'm not sure they would ever get involved at this sort of level. What they are interested in is you selling somewhere for say £1 when it's worth £1 million. When I say the would never get involved what I mean is they wouldn't have any knowledge of the "fixtures and fittings" deal going on, all they would see would be the selling price which might be a bit cheap but not totally unreasonable. Quote Link to comment Share on other sites More sharing options...
Garf Posted September 20, 2011 Share Posted September 20, 2011 I'm not sure they would ever get involved at this sort of level. What they are interested in is you selling somewhere for say £1 when it's worth £1 million. On the contrary - I think they would be interested at this sort of level. A property selling for less than £250K to a first time buyer incurs no tax. Crossing that threshold will incur tax and add £7.5K to the cost. That's a bigger jump than you'll see at the £500K threshold. (Crossing that threshold will add £5K to the cost). If anyone at HMRC is seeking to claw back some dodged taxes, I'd guess that property sales immediately below the £250K threshold are exactly the place to look. Quote Link to comment Share on other sites More sharing options...
Garf Posted September 20, 2011 Share Posted September 20, 2011 When I wrote "tax", I meant "stamp duty", of course. Quote Link to comment Share on other sites More sharing options...
brocken spectre Posted September 20, 2011 Author Share Posted September 20, 2011 I spoke to a surveyor, who suggested at this price point, 3K would be pushing their luck. The Taxman has become very interested in any property just below 250k . Basically bottom line is you are committing Fraud; buyer beware!. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted September 20, 2011 Share Posted September 20, 2011 I couldn't see anything fittings wise that looks more than £20. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted September 20, 2011 Share Posted September 20, 2011 They can, never heard of this happening however and I'm not sure they would ever get involved at this sort of level. What they are interested in is you selling somewhere for say £1 when it's worth £1 million. When I say the would never get involved what I mean is they wouldn't have any knowledge of the "fixtures and fittings" deal going on, all they would see would be the selling price which might be a bit cheap but not totally unreasonable. could be 1 sovereign for a house soon enough... Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted September 20, 2011 Share Posted September 20, 2011 Spooked someone. Link has no Priory Drive??? Quote Link to comment Share on other sites More sharing options...
bomberbrown Posted September 20, 2011 Share Posted September 20, 2011 Ahh, try this link. http://www.rightmove.co.uk/property-for-sale/property-35201408.html Quote Link to comment Share on other sites More sharing options...
Horridbloke Posted September 20, 2011 Share Posted September 20, 2011 Ahh, try this link. http://www.rightmove...y-35201408.html Yuck. I would beg the current owners to take all fixtures with them. Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted September 20, 2011 Share Posted September 20, 2011 (edited) In 2006 we had an offer accepted on a house for £275k. The solicitor told us that we could put it through for £250k and £25k fixtures and fitting, ride on mower etc. He said as long as the extras weren't more than 10% of the price it would be unlikely to raise any questions. We decided not to risk it. Not long after we decided not to risk the house either and pulled out. Edit for 06 not 07 Edited September 20, 2011 by Redhat Sly Quote Link to comment Share on other sites More sharing options...
corevalue Posted September 20, 2011 Share Posted September 20, 2011 I had my house valued (just for fun) a few years back. The EA told me 249K, when asked why, he said that really it was worth more, BUT, crossing the threshold made it proportionally more expensive. He said that if it was on at £275K, it would not be a huge increase to me, but quite a lot more to the buyer. Was I prepared to wait? he asked. How many houses are thus priced to gain a quick sale, which the taxman may want to investigate? What would this do for price reductions generally? Quote Link to comment Share on other sites More sharing options...
scottbeard Posted September 20, 2011 Share Posted September 20, 2011 When I wrote "tax", I meant "stamp duty", of course. Stamp Duty is a tax - full name is "Stamp Duty Land Tax" http://www.hmrc.gov.uk/sdlt/index.htm Quote Link to comment Share on other sites More sharing options...
Garf Posted September 20, 2011 Share Posted September 20, 2011 Stamp Duty is a tax - full name is "Stamp Duty Land Tax" http://www.hmrc.gov.uk/sdlt/index.htm Wow. I didn't know that. I thought it was one of those taxes that dare not speak its name, like National Insurance. Quote Link to comment Share on other sites More sharing options...
rockhopper Posted September 20, 2011 Share Posted September 20, 2011 It seems to me to be one of the many stupidities in life that they have a threshold eg 250k and if it is threshold+1, then you pay the rate on the whole lot not just the delta of 1gbp . This has been the way for a long time otherwise I would have assumed it was a Gordon invented system... it has his style of a lack of commonsense . they really should make it that it starts at some threshold and is taxed at the rate on the amount *above* that , they could adjust the threshold and put up with a small loss for a sensible understandable system ... but its politicos we're talking about here , so it wont happen. . cheers, rockhopper Quote Link to comment Share on other sites More sharing options...
Garf Posted September 20, 2011 Share Posted September 20, 2011 they really should make it that it starts at some threshold and is taxed at the rate on the amount *above* that , That strikes me as an obvious improvement. In whose interest is it to have the current system? It just introduces some pricing "dead zones". Quote Link to comment Share on other sites More sharing options...
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