Stamp duty holiday... - Armitstead Barnett

Many of our customers are aware of the current “stamp duty holiday” which means that buyers potentially could have a stamp duty saving. The stamp duty holiday is due to end on the 31 March 2021.

Since the first national Covid lockdown there has been a surge in interest levels in the property market, mainly caused by pent-up demand and some potential buyers having time to assess their lifestyles and homes. This has led to higher transaction levels and a backlog of sales to push through the conveyancing system. Pre Covid 19, we were typically seeing sales taking an average of around 10- 12 weeks from the date the sale is agreed through to completion. Due to the current backlog throughout the whole of the property market, some of these sales are taking a lot longer than originally anticipated.

As agents, we are committed to ensuring that the sales that are agreed are indeed progressing as quickly as possible, however we cannot guarantee a completion ahead of 31 March 2021. Sales are dependent on many other professionals and local authority searches. We would however advise of the following:-

When instructing professionals (lawyers, surveyors, mortgage advisors, lenders, etc.) check that they have the capacity to deal with the matter and make your timescales very clear ahead of placing an instruction.
Keep up communication with the professionals and return documents promptly.
Should completion not be possible before the 31 March 2021, then you may need to find additional funds to cover the potential stamp duty costs when purchasing.
There may be instances where the agreement of sale terms and timelines alter from the original agreement, these negotiations need to be actioned swiftly, as last-minute changes cannot always be accommodated quickly, especially at the minute if a mortgage is involved.

We will do everything we can to support the progression of sales agreed. Please do speak with our team if you have any concerns or need advice in relation to your sale.