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Window of opportunity closing for Stamp Duty Reduction?

Reasons to choose Wilson Browne

It has been reported that Homeowners wanting to make the most of the temporary reduced stamp duty need to get their property on the market by 29th September.

Property sellers have been urged to market their home by the end of September if they want to maximise their chances of getting the transaction in before the 31 March 2021 (stamp duty deadline day), according to NAEA Propertymark.

Mortgage applications and surveys are reportedly suffering delays amid backlogs and staffing issues and many buyers are now thought to be sitting on the side lines, hoping for prices to moderate over the next few months, while still aiming to get in under the deadline to benefit from the stamp duty holiday.

The conveyancing process usually takes between 6-12 weeks but this depends upon so many other factors that it could take longer. With the property market experiencing a mini boom currently, this together with backlogs from lockdown, means transactions are frequently taking longer than this currently.

If your transaction forms part of a chain of transactions: generally speaking the longer the chain the longer the transaction will take to complete. If you imagine 10 parties in a series of transactions all having to undertake searches, investigate title obtain their mortgage advance etc this will inevitably take longer than if there are 2.

If you are looking to buy and or sell, our high standards are recognised by regulators, lenders and insurers, as well as residential buyers and sellers.  We’re upfront about costs with transparency from the start. There’s no long list of add-ons: there are very few and we’re completely open about them.

For further advice on any aspect of the Conveyancing process please contact our Specialist team.

Jenny Woodruff

Posted:

Jenny Woodruff

Partner

Jenny is a Partner and head of the Residential Conveyancing Team. She has extensive knowledge of the conveyancing process, including: dealing with freehold and leasehold sales & purchases; new build purchases; remortgages; transfers of equity; shared ownership; help to buy transactions & general property advice.