There are just 83 days until 30th June. Whilst not a perennially significant date in the calendar, this year 30th June represents a deadline which can save property purchasers up to £15,000 in Stamp Duty if completion takes place by midnight. Extended by the Chancellor from the original March deadline, the inevitable cliff-edge has been kicked down the road and despite the tapered withdrawal until September, for anyone purchasing above £250,000 (which is a significant number of people in Wokingham), the race is well and truly on. Solicitors and conveyancers are already working at capacity and are beginning to ‘manage expectations’ of those only just agreeing a purchase, and who can blame them? After all, the average sale in the UK takes 12 weeks from under offer to completion. That’s 84 days, which means if you are reading this and haven’t agreed a purchase yet, you are already swimming against the current. All is not lost though, as there are some simple steps buyers and sellers can take to give themselves the best opportunity of taking advantage of the tax holiday. Given it’s £15,000…. it’s worth fighting for.
Sellers: There is no doubt that you will secure a strong offer in the next two weeks if you agree to complete by 30th June, so make sure you are prepared to move forward at pace. Instruct a solicitor and ask them to prepare a sales pack. That will mean completing property information forms and raiding the loft for any guarantees, warranties and planning permissions. Ordering searches will cost a few hundred pounds but you could sell these back to the purchaser and shave three weeks off the transaction. If you own a leasehold property, you should order the management pack now.
Buyers: A cheap conveyancing firm are highly unlikely to get your transaction through in time and will cost you thousands of pounds in the long term. Instruct a solicitor recommended by the estate agents you are buying through. They are likely to have great lines of communication and an established working relationship. The same can be said for your mortgage broker. In the first 48hrs of your purchase being agreed you should have paid for searches, applied for your mortgage and booked any surveys.
Wokingham is short of supply and high in demand in any market, but that dynamic is particularly pronounced at the moment. Give yourself the best chance of taking advantage of the Stamp Duty tax break by being organised and ahead of the game.
Hat and Home is an independent Wokingham estate agency which gives a nod to tradition and a wink to nostalgia. Our mission is to make moving home a fantastic experience. If you need any help with your sale, purchase, let or rental, please just drop us a line.