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;
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;
Matt Simpson Co-founder of Oviso, commented: “Our advisers will help home buyers navigate through the mortgage application and purchase process”.
To find out more about mortgages, personal insurance, business insurance and protection or to discuss the options available for your circumstances, contact our team of advisors