The chancellor’s decision to extend the Stamp Duty holiday means that there is a bit of extra breathing space to complete transactions. That said, the full relief is only available until the end of June. This means that nobody can afford to delay. With that in mind, here are some pointers for people looking to beat the clock on the Stamp Duty holiday.
If you’re selling
If you already have a buyer, then from here on it’s all about organisation. Hopefully, you’ll already have prepared everything a conveyancer might need. If you haven’t then you need to get moving on that quickly. Even if you have, or think you have, be prepared to be contacted with further questions or requests for information.
It’s a good idea to ask your buyers for the details of their conveyancer. Then add the conveyancer’s domain (the bit after the @) to your list of safe senders. That should prevent any messages from dropping into your spam folder. The conveyancer will probably chase up on them, but you want to avoid wasting time at all.
If you don’t already have a buyer, then you need to decide whether or not you’re committed to making a push to beat the Stamp Duty Holiday deadline. If you are, then you need to think quickly but seriously about why you don’t have a buyer. For example, has your home not been marketed effectively or is your asking price unrealistic (or a combination of both)?
You might also want to think about the practicalities of moving yourself now. Firstly, if you buy during the Stamp Duty holiday, you’ll get the benefit of it. Secondly, if you’ve moved, or at least are in the process of moving, buyers now that you’re not going to change your mind (or have a chain collapse) and pull out.
If you’re buying
If you’re buying then ideally you should have had an offer accepted by now. If you haven’t then, again, you need to think quickly but seriously about whether or not you’re going to chase the deadline. Remember, if you’re a first-time buyer, you can expect to get a discount on Stamp Duty even when the official Stamp Duty holiday comes to an end.
If you are going to chase the Stamp Duty holiday deadline, then you absolutely need to be super-organised. Hopefully, you will have mortgage preapproval. If not, then get this arranged as quickly as possible Remember that you will need ID, proof of address and proof of your source of funds. Get the necessary documentation together and keep it where you can find it.
If you’re still to line up a conveyancer, then you need to move as quickly as you possibly can. Remember, the Stamp Duty holiday will remain open to all buyers, not just ones with transactions in progress at the time the holiday was supposed to end. This could mean new buyers entering the market and needing conveyancers.
If you’re only putting in an offer now, then you might want to assess a potential seller as thoroughly as you assess a potential new home. Basically, you want reassurance that they are also committed to completing the sale by the deadline.
Let buyers and sellers beware
As a final point, buyers and sellers should both keep safety in mind at all times. Remember that property transactions are targets for fraudsters and you want to avoid falling victim to them. No matter how much of a hurry you’re in, always make sure you do appropriate security checks whenever necessary. It’s better to miss out on the Stamp Duty holiday than to fall victim to a scam that could literally ruin your life.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Comments