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My client is in the process of buying her first main residence for £850 000. To secure the acquisition while arranging the financing she proposes to sign an ‘exclusivity agreement’ with the vendor in exchange for a fee. The vendor would then be prevented from selling the property to anyone else before the agreed date and the buyer may unconditionally exchange contracts followed by completion within 28 days.
The ‘exclusivity fee’ will be £2 000 or so but I would particularly appreciate readers’ thoughts of a scenario in which the fee is £41 000 and thus a stamp duty land tax return would be required.
Shortly after the client pays the fee (say two months later) she will exchange contracts with the vendor paying a 10% deposit and upon completion pay the balance of 90%.
Given that no property changes hands in consideration for the exclusivity...
