Is it too late to take advantage of the stamp duty holiday?
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.
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.
What can I do to improve the odds of 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. 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!
View Homes January 2021