How to Buy Property before Stamp Duty Increases in March 2021
The best way to make the most of the reduced rates of Stamp Duty Land Tax is simply to start the Conveyancing process as soon as you can. This means that we can overcome any delays that might come up before Stamp Duty increases.
To take advantage of the reduced rates of Stamp Duty, and possibly avoid it all together, you must complete your property purchase before 31 March 2021. This may seem like a long way away but if your move is delayed due to any number of unforeseen reasons, then you don’t want to risk missing the deadline.
The first step is to start booking house viewings to find your dream home. Once you know where you want to live, one of our Conveyancing Solicitors can handle the rest for you. Our nationwide team of Conveyancers and Solicitors have been working remotely throughout the entire pandemic, so you can be sure there’ll be no delay on our part.
Get in touch with our Conveyancing Solicitors for free initial advice.
Know What Might Delay your Move
It can be very stressful when your house move is pushed back, especially if the delay is out of your hands. We will do everything we can to make sure you can settle into your new home as soon as possible, but some delays may be unavoidable. For example:
- A Second Wave of Covid-19 - In these uncertain times, no one knows what might happen in the coming months. While we are hopeful that a second wave of Coronavirus won’t lead to another lockdown, we can’t predict whether this will happen or how a second wave could affect the housing market. The best chance of avoiding this is to start your move while the housing market is still open and thriving.
- Delays on Mortgage Offers - Mortgage lenders are having to work through a backlog of physical valuations that they couldn’t carry out during the peak of lockdown. And lenders are being even more careful to check that your job is secure when choosing how much you could borrow. It’s important to apply for your mortgage with time to spare so that an offer can be made and we can complete your purchase.
- Delay in Your Chain - If you are in a chain and someone is shielding or showing symptoms of Coronavirus, then it might put your move back by at least a couple weeks. And even if everyone in the chain is in good health, the seller’s Conveyancer could still be on furlough. If this is the case, the legal work can’t be completed on the seller’s side and so the delay may be in waiting for staff to come off of furlough or for your seller to find another Conveyancer.
Our Conveyancing Solicitors are positive that they can reduce most delays in the moving process. But when it comes to Coronavirus, some setbacks might be hard to predict.
Our advice is to start the Conveyancing process as quickly as possible so that if Covid-19 has any impact on your move then we can manage it in good time. By making an offer now you’re more likely to complete the buying process before 31 March 2021, so could save yourself thousands of pounds in Stamp Duty Land Tax.
Start the Process Sooner rather than Later
If anything delays your purchase we will try our very best to overcome it before 31 March 2021, but this will be much easier if you start the process well ahead of time. And you’ll save yourself a lot of stress of trying to complete the conveyancing process last minute.
Moving now could save you thousands of pounds on Stamp Duty Land Tax, as you’ll only have to pay if your property costs more than £500,000. Whereas before 8 July 2020, you’d have to pay if your property cost more than just £125,000.
As an extra incentive to move through the buying process quickly, we’re offering our Conveyancing clients £100 Cashback and a Free Online Will if you exchange and complete within 3 months. We want to make sure that your purchase can be finalised as soon as possible, and that you can save on Stamp Duty too.
Speak to one of our specialist Conveyancers to see how you make sure complete on your property before 31 March 2021.
Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Bristol, Cardiff, Lancaster, Leeds, Liverpool, London and Manchester.