Stamp Duty Cut – take advantage of the savings before it’s too late

Homebuyers have just over five months left to take advantage of the government’s stamp duty break on properties under £500,000, with the stamp duty deadline requiring you to complete on your sale before 31 March 2021.

Recent reports confirm the market is fuelled by lots more potential buyers and homeowners keen to sell before the payment holiday ends, particularly in the South East and London region, with higher average house prices guaranteeing buyers in this region the biggest savings. But time is of the essence, particularly when you take into consideration the average time it takes to complete on a property once an offer is accepted.

To avoid missing out on the stamp duty savings, Rightmove one of the UK’s leading property portals advises prospective home buyers should start their property search by the end of the month at the latest. There is still plenty of time to get moving, and the Check 4 Houses team are on hand to help you make the right move, but what can you do to help get things moving? – we’ve come up with a few steps to become a smart seller and help speed up your house sale.

Stamp Duty recap

Stamp Duty is a tax payable when you buy a residential property or land in England and Northern Ireland. In July Chancellor Rishi Sunak announced plans to raise the Stamp Duty threshold on which buyers start to pay the levy from £125,000 to £500,000 valid until 31st March 2021. Therefore if you’ve previously owned property or you’re a first-time buyer, up until 31st March 2021, you WILL NOT have to pay Stamp Duty on your main property costing up to £500,000.

Don’t delay, value and list your property now

If you’re not already on the market, you must take steps to do this as soon a possible as if you leave it too late and you could place yourself under a lot of pressure later down the line or even miss out. Start by appointing an estate agent today. Check 4 Houses would be delighted to help you on your property journey, we’ll arrange a valuation of your property asap and take all the necessary steps to successfully market your property to sell, as well as advising on realistic pricing and timescales.

Prepare your paperwork

One of the most important things a seller can do is to make sure all their paperwork is in order. During the conveyancing process, there will be a fair amount of administration to undertake. Therefore, it’s a great idea to start gathering all the necessary documents from the outset to save time in the long run. And if you want to move through to completion quickly and with ease, be sure to remain responsive and available throughout, make yourself available to sign contracts when needed and return completed documents as soon as possible.

Documents required include proof of identity utility/bank statement, drivers licence/passport, completed property information questionnaire, covering everything about your property from title information to boundaries, ground rent, service charges and more, FENSA certificate for windows and doors, replacement boiler records – such as gas safety certificate/service history, alterations and extensions information where applicable a copy of the building regulations certificate, leasehold/shared freehold documents like copy of lease or share certificate and an energy performance certificate (EPC).

Get the legal process underway

Get ahead of the game and instruct a solicitor as soon as the first offer is received or better still once your house is on the market. Confirm your solicitor’s details with your estate agent as soon as possible. Being legally ready from the outset with the right people in place can speed up the conveyancing process significantly, a big plus point when you’re selling a leasehold property as these transactions on average take longer than freehold sales. Not sure which solicitors to instruct? Check 4 Houses can put you in touch with the right legal professionals.

Making sure everything is in order will help to maximise your chances of completing ahead of 31st March. Should you wish to take advantage of the stamp duty savings, and wish, to get your property on the market Check 4 Houses would be delighted to help. We’re a reliable and experienced local online agent, offering everything a traditional high street agent would and more, including unbeatable pricing options starting from as little as £699 + VAT or low 0.5% + VAT selling fee.

If you would like to arrange a FREE no-obligation valuation or would like to find about more about what we do, please contact us on 01252 819725, check out our website or visit our Facebook page.