Today we look at why you may need to act now if you potentially want to save thousands of pounds.
The national lockdown and ongoing localised ones have caused delays in the home moving process. It’s also taking longer to obtain mortgage valuations, property surveys, local authority searches and conveyancing. All are essential components of most property transactions.
If you are thinking of moving and making the most of the Stamp Duty holiday, which could see you potentially save thousands of pounds, you’ll need to get going soon and here’s why.
The property law website – Today’s Conveyancer has stated “Pre-Covid-19 the time it took (from the marketing of the property) to find a buyer was, on average, 79 days, and the total time from listing to moving into a property was 187 days. Using that as an average and, assuming there are no further delays, then 25th September is the 187 day deadline before 31st March 20201 when the property purchasing tax holiday is due to end.
If you read the Sunday Times you will have seen a recently published article that said 12th October was the deadline for people to put their homes up for sale if they wanted to complete the transaction before the tax holiday ends at the end of March.
Irrespective of the date the key is to act now if you want to beat the backlog and move while the financial incentives are in place.
To assist in speeding up the process ‘Today’s Conveyancer’ have also published some tips if you are thinking of selling or buying a new home.
As a seller
- instruct your conveyancer on listing the property for sale.
- ask your conveyancer to review the property information forms and title and to identify any issues which might impact a sale.
As a buyer:
- obtain a mortgage decision in principle ahead of putting an offer forward.
- instruct a conveyancer prior to making an offer.
You can read the full article here.
Please give us a call at Martin & Co on 01274 589132 to find out how we can help you beat the delays and get moving.
Thanks for reading.