‘ACT NOW’ to benefit from stamp duty holiday

Home-buyers may need to act now to start the house purchase process to make sure they have sufficient time to complete and benefit from the stamp duty holiday.

The stamp duty holiday, which runs until 30 June 2021, means that home-movers and first-time buyers only, pay stamp duty on properties costing more than £500,000, while investors will see a reduction in second home stamp duty. For more details on 'Stamp Duty Land Tax: temporary reduced rates' visit HMRC.

On average, purchasing a property can take three to four months from start to completion, especially as the market continues to experience high levels of demand. If you are selling a property or in a chain, it can be much harder to predict timescales.

Buying a house during the COVID-19 pandemic could take a little longer than usual and it may be worth taking some of the following into consideration;

  • You’re in a chain
  • Need to sell your property
  • Delays on searches
  • Solicitors taking longer than usual
  • Lender delays due to high demand
  • Further Coronavirus restrictions

Also, it is important to work out how much deposit you can afford as well the affordability of your monthly payments.

Below is a basic list, to give you an idea of what’s involved in the house buying process;

  • Get advice
  • Find a property you can afford
  • Making an offer
  • Obtaining a mortgage
  • Arranging a conveyancing solicitor
  • Undertaking a property survey
  • Property searches
  • Preparation of legal work
  • Exchange of contracts
  • Completion and final steps
  • Booking a removals company

Matt Simpson Co-founder of Oviso, commented: “Our advisers will help home buyers navigate through the mortgage application and purchase process”.

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