Off plan purchase delays – Advice on stamp duty/mortgageMake Text Bigger
Due to events outside of our control we exchanged on an off-plan new build apartment on 1st December 2015.
Our Developer has now delayed to a new estimated completion date of May/start of June 2016. I called HMRC and they said we must pay the additional stamp duty.
Our BTL interest-only mortgage was also booked 1st December 2015 and is valid for 6 months (partly why we exchanged around this time). There is a good chance our mortgage offer would have expired by then.
Any advice relating to either issue?
Would it be in our interest to reapply for a new mortgage, in say March? (Obviously we would lose the booking fee). We signed a reservation agreement agreeing to the purchase price in July 2015. The property is located in London and surely the property’s value and/or the expected rental income would have increased? We got 60% LTV but would prefer higher.
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