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COMMENT
GETTING MOVED
BY THE END OF
THE UK ‘STAMP
DUTY HOLIDAY’
Director of Estate Agency, Matt Hoy, provides his expert
advice on how to beat the stamp duty holiday deadline and
save up to £15,000 on your next move.
Those hoping to make the most of the
stamp duty holiday will fare well to move
quickly before the tax break ends on 31
March 2021.
The government raised the stamp
duty threshold in England and Northern
Ireland for a limited time only, which
means purchasers pay no stamp duty on
the rst £500,000 of the property price.
As stamp duty is calculated in tiers, the
usual rates apply to anything above the
tax-free threshold. For example, those
purchasing a family home as a main
residence for anything over £500,000 will
still save £15,000.
Those wishing to make this saving on
their home move need to be prepared to
achieve an ecient procedure to take
advantage of the scheme before it
expires. Here are my tips on how to
create a smooth and eective process to
heighten chances of completing in time.
• Securing a mortgage can be a lengthy
part of the process in the buying chain
and it would be advisable to begin
this process as early as possible –
ideally before attending viewings.
Using an expert mortgage advisor to
support you at this stage could prove
advantageous as they can help to
secure the best rate and terms for
you, and will also have up to date
knowledge on the timescales that
lenders are operating within.
• Appointing a specialist conveyancing
solicitor means that a dedicated
property transaction team will deal
with all the necessary legal elements
eectively and swiftly. Discuss the
10
dates you are working toward with
your solicitor at point of appointment
and make sure they’re feasible and
also suit any other parties in the
chain. At time of writing there are
approximately 418,000 sales in the
pipeline nationally compared with
280,000 the year before. Research
from consultancy rm TwentyCi
suggests the average time between a
sale being agreed and completion is
now up to 5 months, so expect delays
and make sure there is a reasonable
‘buer’ between the dates you are
working toward and the end of the
holiday.
• Completing a property information
form as well as a ttings and contents
form from the outset can save time
further down the line. If you are
selling a at, preparing a leasehold
information form before the rush of
the nal hurdles could save valuable
time. These documents form part of
essential paperwork which is sent to
your buyer’s solicitor. The quicker the
property information forms are
completed and submitted, the earlier
the buyer’s solicitor will have a full
pack of information to work through –
resulting in the ability to raise and
resolve any enquiries they have
without delaying the process. Your
estate agent can help you nd and
instruct a solicitor who is prepared to
get this paperwork started prior to
nding a purchaser.
• If you require a survey, make sure you
book it as soon as possible once your
oer is agreed. Do your research and
decide who you will use, and bear in
mind that the surveyor may not be
able to visit the property immediately.
As soon as you receive a copy of the
survey report, send this to your
solicitor as they may have to raise
further enquiries with your seller,
depending on the feedback.
• With increased volume in the pipeline
every stage in the process is under
pressure and likely to see delays.
Make sure you are prepared and have
budgeted accordingly for what
happens if you can’t meet the
deadline, and don’t let a sale falling
through incur costs that bear no fruit
and could otherwise have been
avoided.
Our property experts are on hand to provide advice and support.
To nd your nearest Bradley Hall branch please visit www.bradleyhall.co.uk
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