Should I Put My House on the Market Now or Wait on Covid?
If you’ve been thinking about putting your property on the market since lockdown started easing, now might be the best time.
The UK Government have reduced the rates of Stamp Duty Land Tax to boost the property market. This means that not only could you save thousands of pounds in Stamp Duty on your next home, but also buyers will be keen to make the most of the offer before it ends on 31 March 2021.
We understand that you might still feel uneasy about putting your house on the market, as concern over a second wave of Coronavirus is felt across the UK.
During the first lockdown, we quickly moved to a simultaneous exchange and completion. This meant all of our clients weren’t at risk of their contract being breached. If the UK faces another lockdown or there are local issues, we’ll move back into that process seamlessly.
Our nationwide team of Conveyancers and Conveyancing Solicitors have been working hard to complete the Conveyancing process as quickly as possible since the housing market opened back up. And to show our dedication to this, we’re offering £100 cashback if you exchange and complete within 3 months.
What Do the Changes to Stamp Duty Mean for Sellers?
The changes to Stamp Duty mean that now is the best time to sell your property, because there will be more people looking to buy before 31 March 2021. Before this date, buyers won’t have to pay any Stamp Duty on properties that cost less than £500,000 in England and from 27 July, buyers in Wales won’t pay Land Transaction Tax for any property worth up to £250,000.
Rates are also reduced for people buying second homes as you’ll now only have to pay 3% Stamp Duty on second properties under £500,000 in England. In Wales it’s 3% for the portion up to £180,000.
This reduction has opened up the market for many people who were saving up for the extra Stamp Duty. So by putting your property up for sale right now, you might find you get more interest from more buyers than you would have even before Coronavirus.
But What if there’s a Second Wave of Coronavirus?
In the current climate, no one knows what’s around the corner. This might leave you feeling concerned about putting your house on the market in such uncertain times.
But if you want to make the most of the Stamp Duty reductions, it’s best to start your move as soon as possible. So we understand that you might feel conflicted about what the best course of action is when it comes to selling your home now.
We can help you by taking the weight off of your shoulders and handling the entire Conveyancing process for you. If you choose to sell your home now, we can make sure your property transaction is handled as quickly and stress-free as possible.
If a Second Wave happens, we’ll immediately move back to simultaneous exchange and completion to make sure that you can fulfil your contract with no delays.
£100 Cashback and Free Will
To encourage people who can move quickly to do so, we’re offering anyone buying and selling a property who completes within 3 months £100 cashback and a Free Standard online Will. If you’re buying or selling a leasehold property, you have 4 months to complete to be eligible for the cashback and Free Will.
If you want to take advantage of this offer, just ask us about it when you call for your Conveyancing quote. There are terms and conditions for this offer – we’ll give you those when you call us.
At Simpson Millar, our nationwide team of Conveyancing Solicitors have been working remotely since the outbreak of Covid-19 to make sure that your property transactions aren’t delayed for any longer than they need to be.
And we continue to work hard to make our clients’ property sales and purchases happen in the agreed timescales and carried out to the highest standards with a friendly service.
Simpson Millar Solicitors are a national law firm with over 500 staff and offices in Billingham, Bristol, Cardiff, Catterick, Lancaster, Leeds, Liverpool, London and Manchester.