Stamp Duty Deadline Looms
We haven’t even reached Christmas, so surely we don’t need to be too concerned about a deadline of 31st March 2021? It’s next year, a whole season away, next spring for goodness sake, why all the worry?
In normal pre-covid times; those halcyon days of having a pint in a beer garden and not having to ask “Excuse me?” every time you are mumbled to through a face-mask, I would completely agree and add it to my “to do list”, below my New Years’ resolutions.
Unfortunately we aren’t in normal times, something that we are tirelessly reminded of on an almost hourly basis.
So what does this mean if you want to avoid the stamp duty trap, that is going to snap shut as spring arrives? Put simply, you need to get your skates on.
At Concept Mortgages we have been able to obtain the majority of our clients mortgage offers in a matter of weeks, with some unfortunately dragging out for months as lenders grapple with the difficulties of administering mortgage offers with fewer, socially distanced staff.
The real blockage however will be with the legal part of the process, where Solicitors and Conveyancer’s the length and breadth of the UK struggle to meet demand. The delays with Land Registry have also added to the overall time it is taking to get eager purchasers into their new homes.
It may be worth taking a risk and starting the legal process before obtaining your mortgage offer, which is something we would ordinarily advise against, but the benefits could outweigh the risks when you consider the savings of up to £15,000!