Speed needed to take advantage of property stamp duty holiday

There’s still time to take advantage of the Government’s stamp duty holiday on property, but you’ll need to act quickly, says Uckfield estate agency View Homes.

Director Kane Caulfield says in a blog on the estate agency’s website: “If you start now and stay one step ahead of the sales process from beginning to end you still have a good chance of saving yourself up to £15,000.”

Kane Caulfield of View Homes with advice on taking advantage of the stamp duty holiday.

Kane says:

“With Chancellor Rishi Sunak’s generous gift to home buyers reaching its sell by date at the end of March, is there still time to move before the door closes?

“The short answer is maybe, but only if you get all your ducks lined up quickly. In a typical market, a Zoopla analysis suggests 54% of sales agreed in January will complete before the end of March, which gives a better than even chance of beating the deadline.

Pressure

“However, with 30% more sales than average currently in the system, this is not a typical market. On the one hand there is an increased pressure on conveyancers from the additional volume of sales agreed, and on the other there is a willingness to push sales through quickly to help buyers beat the deadline.

“Property lawyers are close to breaking point with the volume of work, but if you act now there may still be time.

Beating the deadline

“Movers need to instruct an agent and conveyancer quickly. Don’t leave instructing a conveyancing lawyer until after your sale is agreed – instruct them immediately and make sure that you promptly complete and return the documentation they request. They can’t and won’t act without your signed authority.

“It’s not just conveyancers who are snowed under, lenders are, too. If a mortgage is required, buyers need to make sure they get an agreement in principle as soon as possible; you don’t need to have already found a property to buy.

Mortgage advice

“This should greatly assist in reducing the time taken to receive a formal mortgage offer when you do find a property. Don’t assume because you already have a mortgage this isn’t necessary. Speaking to a mortgage advisor may help. 

“If you start now and stay one step ahead of the sales process from beginning to end, you still have a good chance of saving yourself up to £15,000. Thank you, Rishi!

• Contact details for View Homes can be found 24/7 in our Uckfield Directory. Look for the name or search in the category for Estate Agents.

See also:

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