There are now less than two months to go before the stamp duty holiday ends.
The stamp duty holiday saw the Chancellor of the Exchequer offer a temporary stamp duty holiday, cutting the rate of stamp duty to zero per cent for all properties costing less than £500,000.
The tax break has been more of a success than many within the property market could have hoped or – but with success comes the inevitable challenges of the market struggling to keep up with demand.
Buyers need to be prepared for delays, and are being warned that they may miss out before the stamp duty holiday ends on March 31st 2021.
Although there is pressure on Chancellor Rishi Sunak to extend the stamp duty holiday, it isn’t guaranteed. So, the Hale Homes team is advising buyers on the various ways they can prepare themselves to avoid unnecessary delays – and headaches – to get the deal done in time:
Factor in time for surveys and solicitors
It’s not just the property market that is struggling to keep up with demand- associated professional services are also feeling the strain. Property surveys and legal services for exchanging contracts can take longer than expected – and more and more buyers are facing this challenge due to the current circumstances. Make sure you factor in plenty of time – including contingency time for unexpected queries that may arise – when deciding your target moving date.
Book your removal company far in advance
Logistics and removal companies are facing delays due to demand on their services: as soon as you find your dream home, you should start researching removal companies who can assist with the move and book them in as soon as possible.
Make the job lighter by sorting out your unwanted furniture – particularly as obtaining storage facilities may also cause delays. There are plenty of good causes in Cheshire who may accept your furniture, and give it a new home: Age UK Cheshire East accept furniture for their showroom in Macclesfield – and ask for you to call ahead to arrange collection or delivery.
Never underestimate the chain
The chain in a property sale can make or break a deadline. Your link in the chain may have gone to plan – but that’s not to say those further up the chain have. Your estate agent should be making sure everyone in the chain communicates with each other; keeping the relevant professional services informed of any issues and pushing it along at every stage.
Put your property sale in the trusted hands of Jackie and the Hale Homes team: get in touch to see how we can help you.