Hi
I'm aware of Exemption A -
"New and unused properties purchased from a builder or developer between 1 January 2013 and 31 October 2016 are exempt until the end of 2016"
But am unsure if this applies in our situation, which is as follows -
- New build for PPR started in March 2012.
- New mortgage approved around the same time, with series of interim payments paid to builder from May 2012 onwards.
- Build continued throughout 2012.
- Sold old PPR in August 2012, rented it from the new owner until October and then moved into in-laws until ...
- We moved into new house in January 2013 with certificate of practical completion received from architect dated for this period.
- Some snagging has continued since January and the final invoice from builder is due in the coming weeks. This will invoke a final drawdown from the bank, valuation for LTV purposes, etc.
Given that the date of practical completion was after 01 January 2013, it would appear we are covered under the exemption but, as with all of this, I am waiting for the "Gotcha"!
Would the fact that we were paying the builder in staged payments throughout 2012 have a bearing on things?
Many thanks in advance for help on this.
I'm aware of Exemption A -
"New and unused properties purchased from a builder or developer between 1 January 2013 and 31 October 2016 are exempt until the end of 2016"
But am unsure if this applies in our situation, which is as follows -
- New build for PPR started in March 2012.
- New mortgage approved around the same time, with series of interim payments paid to builder from May 2012 onwards.
- Build continued throughout 2012.
- Sold old PPR in August 2012, rented it from the new owner until October and then moved into in-laws until ...
- We moved into new house in January 2013 with certificate of practical completion received from architect dated for this period.
- Some snagging has continued since January and the final invoice from builder is due in the coming weeks. This will invoke a final drawdown from the bank, valuation for LTV purposes, etc.
Given that the date of practical completion was after 01 January 2013, it would appear we are covered under the exemption but, as with all of this, I am waiting for the "Gotcha"!
Would the fact that we were paying the builder in staged payments throughout 2012 have a bearing on things?
Many thanks in advance for help on this.