• Mortgage Tree

Want to save £15,000 from the stamp duty holiday? Then get moving by this date…

Think you've got plenty of time until end of March to take advantage of the stamp duty holiday? Not really. Here's why...


The government introduced a stamp duty holiday in July. The tax is now suspended on the first £500,000 of all property sales in England and Northern Ireland.

This will save buyers as much as £15,000, if they are buying a property of £500,000 or more. But, if you’re looking to benefit, you need to remember the tax holiday is time limited until 31st March next year.

While this sounds like plenty of time, the home buying process isn’t fast at the best of times. And as the number of coronavirus cases, restrictions on movements and local lockdowns continue to rise, can you really afford to ‘wait and see’?

Obviously there are lots of other factors at play when deciding whether now is the best time to move house. But many people have been reviewing their current living circumstances post-lockdown prompting them to move.



This week, the National Association of Estate Agents, Propertymark, have been telling sellers to market by 26th September to maximise their chances of getting the transactions completed before the 31 March 2021 stamp duty deadline.


Why 26th September?


According to data from ViewMyChain.com, receiving an offer once the property is on the market can take around ten weeks, your buyer arranging a solicitor can take well over a month and arranging their mortgage can take up to six weeks.

The solicitors, surveyors and estate agent will also all have their own tasks to complete before the job is done. When all combined, the average time it takes to buy and sell a property from going on the market to completion can be six months.

But that’s pre-pandemic data.

With this in mind, NAEA Propertymark say you should give yourself plenty of time. By getting your property on the market by 26 September, you will do just that.


How to speed up your sale and purchase


Whenever you manage to get your home on the market, here are the key things you can do to speed up the process:



1. Find a local estate agent with a good track record.


2. Sellers should instruct a solicitor as soon as you list, and buyers as soon as your offer is accepted


You can compare quotes now from conveyancing solicitors and speak to them about the process and costs so you’re ready to instruct them.


3. Opt for a legal team using a digital platform

They can complete transactions quicker. Digital Move claims cases can be completed up to 6 weeks quicker. Look for the Digital Move logo when you search for your conveyancing firm.


4. Dig out your Energy Performance Certificate

Also known as an EPC this has to be included with a sale by law. It shows how energy efficient your new home is and if you moved in within the last 10 years, yours is still valid. Here’s how to check.


5. Get your paperwork together

If it’s a leasehold, find the lease. Locate certificates showing compliance with regulations of any works done from planning permissions to FENSA certificates for window replacements. Don’t forget valid guarantees a home buyer will want to see.


6. Get a mortgage agreement in principle before you make an offer on a property


Many lenders and brokers are experiencing COVID related delays and mortgage choices have significantly reduced, especially for first time buyers. Avoid wasting time later down the line and start the process now.

Here's what our clients say...

“Mortgage Tree showed me how to improve my credit rating as I had a few issues with my credit previously. As a result of their excellent advice I have now secured a mortgage at a great interest rate. They also helped me sort out life & critical illness cover which offers great protection for myself and my family. Mortgage Tree offers a fantastic service and I recommend them wholeheartedly.”

Charlotte - Leeds

Home

Mortgage Calculator

Mortgage Tree - Mortgage Advisors York - Services & Standards

Mortgage Tree offers a nationwide mortgage broking service from our base near York, North Yorkshire. We specialise in mortgages and insurance. Whether you are a first time buyer or you are a buy to let investor with multiple properties, Mortgage Tree will ensure that you get the best products available.

We are a Whole Of Market broker which means that we will choose the best, most suitable mortgage for you from the hundreds available on the UK mortgage market. Our network also gets special discounted deals from lenders available only to our network.

We also provide insurance cover that will give you & your loved ones a blanket of protection that is so vital. We will endeavour to give you the best service that we can at all times.

Mortgage Tree is an appointed representative of Julian Harris Mortgages ltd which is authorised and regulated by the Financial Conduct Authority. Our FCA no. 304155

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. BUY TO LET (PURE) AND COMMERCIAL MORTGAGES ARE NOT REGULATED BY THE FCA.

Legal 

Our Address...

Stay Connected...

© 2020 Mortgage Tree

Built by Elle Nelson Design

Mortgage Tree

Blake House

18 Blake St

York

YO1 8QG

01904 263012