With the 31st March Stamp Duty holiday deadline upcoming, buyers seeking to take advantage of the £15,000 tax break are advised to act soon.
During Lockdown 1.0 which officially began on the 23rd March, we saw an increase in backlogs in mortgage applications, valuations and conveyancing. Individuals who have previously purchased property are aware that purchasing requires a plethora of paperwork to be completed.
Delays in mortgage applications and conveyancing could cause a hinderance to the process and may not allow buyers to take advantage of the tax break. The online mortgage broker Trussle had conducted a study which concluded that there is circa £5 Billion in deposits that are held up due to the pandemic.
The Knightsbridge Team advise that in order to effectively purchase a property swiftly, individuals and families alike should be prepared. Having a no-chain cash transaction is widely seen as the fastest way to purchase a property. Having all mortgage applications approved and completing all the due diligence with your solicitor also will speed up with contract exchange and completion.
Ensure that you choose the correct agent - agents should make the transaction process as smooth as possible and be proactive. Whilst we do recommend to take advantage of the tax break before the 31st March there are talks within the pipeline that the holiday may be extended further than the 31st March, especially for active chains.
The Knightsbridge are available to advise on and recommend the most reliable mortgage brokers and effective, trustworthy solicitors.