The stamp duty holiday, which runs until 31st March 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. On the 1st April 2021, stamp duty will revert back to the SDLT rate, prior to 8th July 2020.
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 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
- Christmas holidays
- 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: “In order to avoid missing out on the stamp duty holiday, you should act now and start the purchase process, especially if you have your own property to sell.”
“Our advisers will help home buyers navigate through the mortgage application and purchase process” added Matt.