When is Stamp duty payable?

[maryanne40]

It was my understanding that stamp duty was not payable until 30 days after the closing date of the sale; however my solicitor is looking for the stamp duty tomorrow as the sale closes. I am not looking for a mortgage on this house and I have the money but I would certainly prefer to keep the 50,000 in my own account and earn the interest on it for another month rather than leave it sitting doing nothing. Can I hold on to that money until such time as it is payable or do I have to furnish it tomorrow to complete the sale?

 

[mf1]

"Can I hold on to that money until such time as it is payable or do I have to furnish it tomorrow to complete the sale?"

Yes you can hold on to the money. However, when it is due, you have to pay it over anyway. My experience is that 99% of the time the client forgets about the stamp duty, expects the solicitor to remind them not once but several times, rarely produces it on time and then expects the solicitor to work miracles to make sure that penalties are not charged.

Most solicitors like to turn the work over quickly, get deeds stamped and registered and returned to client or lender as soon as possible.

mf

 

[Vanilla]

Unless you are availing of a mortgage to purchase in which case the solicitor has to have the stamp duty and all legal fees and outlay on closing as it is part of every banks requirement when lending for a purchase that the solicitor be in funds to complete the stamping and registration on closing.

 

[maryanne40]

Thanks for the replies.....yes, I've decided to hand it over immediately....I worked out it is less than 200 euro in interest I am losing anyway and I suppose it is worth that not to have to deal with it again myself.