Payment of Stamp Duty

morrga

Hi, can anyone advise at what stage is Stamp Duty paid over to Revenue?

We have a new build due for completion in April and is there a time frame for paying a few weeks after closing or is it paid on draw down of the mortgage?

Earleybird

morrga wrote: »

Hi, can anyone advise at what stage is Stamp Duty paid over to Revenue?

We have a new build due for completion in April and is there a time frame for paying a few weeks after closing or is it paid on draw down of the mortgage?

This will be paid on closing, along with your solicitors fees and any balance outstanding.

surrender monkey

morrga wrote: »

Hi, can anyone advise at what stage is Stamp Duty paid over to Revenue?

We have a new build due for completion in April and is there a time frame for paying a few weeks after closing or is it paid on draw down of the mortgage?

You have 40 days after completion to stamp a Deed after that interest and penalties start accruing as far as I'm aware.

Marcusm

surrender monkey wrote: »

You have 40 days after completion to stamp a Deed after that interest and penalties start accruing as far as I'm aware.

IIRC the solicitor needs to confirm at the time of drawing down the mortgage funds that he has all the funding required to complete and register the pruchase. This si why solicitors will generally raise a request for payment of the stamp duty, its own fee etc just prior to closing.

surrender monkey

Marcusm wrote: »

IIRC the solicitor needs to confirm at the time of drawing down the mortgage funds that he has all the funding required to complete and register the pruchase. This si why solicitors will generally raise a request for payment of the stamp duty, its own fee etc just prior to closing.

The solicitor will request their fees, stamp duty, registration fees etc prior to completion but the solicitor has 40 days after the date of completion to stamp the deed online with the revenue commissioners.

Marcusm

surrender monkey wrote: »

The solicitor will request their fees, stamp duty, registration fees etc prior to completion but the solicitor has 40 days after the date of completion to stamp the deed online with the revenue commissioners.

I fully understand that but it is not what I said. Prior to putting the lending rate nstitution on the hook for (generally) the vast bulk of the purchase monies, the solicitor is required to confirm to the lending institution that the borrower/purchase has ponied up the balance of the funds. Inter Ali's this is because if the stamp duty money is not sought for 40 days and is not forthcoming then the solicitor cannot register the purchase and associated mortgage charge such that the lender will find it difficult to enforce It's loan!

Robbo

surrender monkey wrote: »

The solicitor will request their fees, stamp duty, registration fees etc prior to completion but the solicitor has 40 days after the date of completion to stamp the deed online with the revenue commissioners.

It's 44 days.

Marcusm

Marcusm wrote: »

This is why solicitors will generally raise a request for payment ....

Just curious; I've seen this phraseology before from solicitors. Where does it come from? Why not just say request payment?