Stamp duty holiday extended to end of June
26th February 2021
With a potential saving of up to £15,000, it is not surprising that people thinking about moving have been keen to take advantage of the stamp duty holiday that was set to end on 31 March. However in today's Budget (Wednesday 3rd March) the stamp duty holiday has been extended for a further three months until the end of June. Added to this, the nil rate band will be set at £250,000 - double its standard level - until the end of September 2021.
At Anthony Webb we welcome this extension and believe there is still a good chance that you can list and complete a sale on a property to benefit from the extended stamp duty holiday.
Under normal circumstances, the period between making an offer and completing takes between 6 and 12 weeks on average. However, sales can take vastly different lengths of times to complete, given there can be a variety of complexities. The time is takes to complete will largely be determined by the workload of the conveyancers, surveyors and mortgage lenders and how quickly your agent can get your sale pushed through for you.
What steps should you take NOW if you are thinking about selling
1. We recommend that you call us in to value your property as soon as possible on 020 8882 7888
2. Tidy up your property in preparation for photographs
3. Our dedicated team work quickly, and once contracts have been signed your property can be advertised to thousands of potential buyers within 24-48 hours!
4. Find a new property of your dreams and quick!
5. Select your conveyancing solicitor in preparation and find out how long the process likely to take
6. Collate any documents you will need to hand, responding to any requests as quickly as possible, and checking in with your estate agent regularly.
Other things you should consider are:
· A freehold sale is generally more straightforward than a leasehold sale, where enquiries of landlords and building managers can cause delays.
· Some local authorities are experiencing delays in processing their searches that form part of the process.
· How long mortgage lenders are currently taking to approve new loans.
What happens if you miss the stamp duty extension deadline?
As an experienced agent we know that delays can occur and we will do our best to anticipate this and discuss this with your buyer, and the vendor of the home you are buying to gauge whether anyone might pull out of the transaction if they did not meet the deadline. We can also negotiate to see if there is any scope for a small reduction in the purchase price to make up for the fact that you will need to pay stamp duty if this becomes a deal breaker.
Our advice is don't delay, call today and start your moving journey with us! Contact our friendly team on 020 8882 7888. BOOK YOUR VALUATION ONLINE HERE
