The UK property market has received that all important helping hand with Stamp Duty Land Tax set at zero for all Homebuyers who plan to buy a property under £500,000. (The Tax is not zero for Investors)
Subsequently mortgage enquiries are rocketing with potential Buyers checking out what they can afford. The forthcoming weeks are set to be manic for Estate Agents and online Property Sales Portals.
Sellers will need to be realistic and gazumping although on the cards, could be a dangerous gamble both to Seller and Buyer.
Timescales To Get The Property Completed
The Stamp Duty Land Tax (SDLT) reduction is best suited for those Buyers that are not in a chain with an aim to be in their new property within the next 3 months. Some will be hoping to coordinate their move within their Children’s school holidays. That window is very tight, hence the surge in mortgage enquiries.
Duncan Pattinson the MD of We help You Too Ltd that manages the Homebuyer Conveyancing price comparison website, is managing available conveyancing capacity. Since the lock down was released, conveyancing enquiry to instruction is taking days and not weeks.The focus on delivering a fast completion is key to minimising risk.
Buyers and Sellers In A Property Chain
The next batch of Buyers and Sellers will want to move in early December and latest January 2021. They could be lucky and move faster but many are still finding their way through the mortgage maze, and haven’t started to view properties. They really should be focused on a 4 month – 6 month timeline from thinking about moving to completing.
Make Today Count – Valuable Thinking Time
If you are a First Time Buyer then now is the time to make your move. Prepare a moving checklist and cost out each important stage using fixed fee quotes from key professionals. Some websites let you browse the costs without entering your personal details, such as Homebuyer Conveyancing. Others will take your details and then show you the results. You will be called to discuss your quote.
Once you have a budget you can then decide if you can afford to buy your first property. Your Mortgage Broker will be able to assist you on checking out your affordability. Use an independent Broker that has access to the whole of market mortgage rates.
Viewing properties is exciting and new build Developers that have had developments paused due to the virus lockdown, will be keen to sell and get you moved in fast. They need the cash and getting flooring or white goods included within the purchase price will help to save upfront cash.
When a deal is on the cards it is key that all parties understand about timescales. From the outset set an achievable exchange of contracts date. Make sure that all parties have the right contact information. You will be surprised how often the sales progression is put at risk, simply because the relevant Solicitor details were incorrectly passed over.
Be in the driving seat of your property sale or purchase and make your move happen in record time. Formulate a budget, manage your moving plan and stay in control. Use fixed fee professionals.