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Stamp Duty Holiday - Time is running out to meet the deadline!

If you want to take advantage of the stamp duty holiday, you will have to place your property on the market now, to have a chance to sell your home before the 31 March 2021 deadline. The average time it takes to complete on a property once an offer is accepted is 12 weeks, so the March deadline will soon rapidly be upon us. Bearing in mind things often don’t go quite to plan, with many hurdles on the way, along with time added for your own property search, you can see why steps need to be taken now, if you are serious about moving within this timeframe.

What is the Stamp Duty Holiday?

When you buy a property, you normally have to pay Stamp Duty Land Transaction Tax on all properties over £125,000, or £300,000 for first-time buyers.

On 8 July 2020, the Chancellor of the Exchequer announced a temporary stamp duty holiday that cut the rate of stamp duty to zero per cent for all properties £500,000 or under until 31 March 2021.

For example, if you are purchasing a property that is £400,000 as a main residence, before the stamp duty holiday you would have paid £10,000, now you pay £0.

There has also been a cut for buyers of additional properties, for example buy-to-let investors. The new rate for additional properties starts at three per cent up to £500,000, which, using the same example of a £400,000 property, would save the buyer £10,000 in stamp duty.

Selling a property is a complicated process, with several stages and multiple people involved to get through the whole process. Things however can be done swiftly and efficiently. For this to be achieved it is essential you instruct an experienced estate agent, who has been through every scenario possible, to keep things together when the going gets tough. As always, the best people make things look easy when normally it’s anything but.

You can also play a part in the speed process by getting in place copies of some important documents, including:

A copy of the lease (if the property is leasehold) Documentation related to the freehold (if the property is freehold) FENSA certificates for replacement windows Your Energy Performance Certificate (EPC) Relevant building restrictions Building regulation certificate when alterations have taken place A Gas Safety certificate for a new boiler

Your solicitors will need the relevant documents and information to satisfy the solicitors acting for your buyers, so better to be a step ahead. Proper planning prevents poor performance!

Having all these documents ready is proven to shave time off your property sale, which in the run up to the 31 March, could save you a substantial amount of money.

We can help you get your property on the market swiftly with minimal fuss, while ensuring you receive the best professional advice there is available.

If you would like to discuss this further or any other property matters, please contact us anytime and we will be delighted to help you.

 

 

 

Mayfair Office Group