Get Ready to Move and take advantage of the Stamp Duty Holiday. It’s been just over a week since Rishi Sunak announced the Stamp Duty Holiday and wily buyers are already looking to take advantage.
With the news that there will be no Stamp Duty on purchases up to £500k, Zoopla has released a list exclusively to the Mail Online of the 10 most viewed properties since the announcement. Not surprisingly, all ten were between the £300k and £500k price bracket where the biggest savings are to be had.
The Stamp Duty Holiday seems to be having the desired effect, with sellers now motivated to bring their properties to the market to take advantage. And with a surge in first-time buyers, most properties should achieve asking price and beyond!
So how do you start the home moving process? The first thing you will need is a valuation. A local independent estate agent will be your first port of call, as they know the local area and the local market better than anyone else. Cadman Homes are a local family owned and run estate and letting agents in Rugby, covering Rugby and Lutterworth.
Once you have had your valuation, you can talk to your estate agent about the options moving forward. Do you have your eye on somewhere or are you just starting to look? Either way, you will want your property on the market to put yourself in the best possible position.
If you start looking without your property on the market, some sellers will be less interested in you as a buyer, as they are unsure of your ability to move. If, however, you are already on the market and you know your finances, they may be very keen to talk to you, and you won’t have lost any time getting your property up and running, especially with agents busy with valuations…
Once you are on the market, getting viewings, and with your finances in place, so you know what you can afford, you are ready to find your perfect property and be in a position ready to make an offer.
Zoopla has said the strongest rise in demand was for properties between £300k and £500k as these are the ones with the largest saving – up to £15k. The demand for these properties rose 52% on the four-week average beforehand.
If you have been thinking about taking the next step, then maybe now is the time to start moving.
HERE’S THE WARNING! You need to complete by the end of March and the average transacton time is 12 weeks. That means you need to have had a purchase began by the 1st January at the very latest, if you need to SELL IN ORDER TO BUY then you will need to be sold subject to contract (stc) by then at the very latest.
BEARING IN MIND that the property conveyancing market (the solicitors that do your legal work) shuts down virtually for TWO WEEKS in December, (as do most estate agents) that means that in reality you need to have a buyer by the middle of December at the latest. Let’s say early December because;
The shortest average time from marketing to completion in 2019 was in Nuneaton and Bedworth at 191 days – (52% so about six months). This means you need to really have a buyer by the 1st December at the latest.
This would leave NO WRIGGLE ROOM for fall throughs, delays in the post, with solicitors, injury or illness (not using the “C”orvid word), holidays (people often take a winter holiday), or anything else. It also relies on you using the right estate agent in Rugby or Lutterworth to get your buyer or these timescales could double!
BEING REALISTIC this means that you would have to complete by the beginning of March, which would mean you’d have to sell by the beginning November and this is still leaving you very little comfort. Seasonal changes and an anticipated rush in the new year (alwasy happens) will make agents, lenders and conveyancers very busy. Every time a change comes in to SDLT (stamp duty) it puts massive stress on the financial and legal system and there are problems. That means…
… In reality February would be the ideal “latest” time to aim to complete just in case, which means that you really need to be thinking about marketing your property now to ensure that you are not at risk of missing the deadline.
Contact us today for more information about getting ready to market your property!