Move Quickly in 2021 and Make the Most of the Stamp Duty Holiday
Homeowners are urged to get house sales agreed, to get moving and to get conveyancing solicitors instructed as soon as possible in the New Year to save money on stamp duty.
The biggest rush on this Christmas is not the supermarket or the shops, it’s the internet - with online shopping taking over from the High Street and for homeowners getting their properties lined up and ready for sale before the stamp duty holiday ends.
The stamp duty holiday ends on March 31st 2021, but until then the starting threshold for duty has risen from £125,000 to £500,000.
“This was a much needed Government response to a 50% fall in property transactions which hit house sales and purchases during the first lockdown,” said Head of Conveyancing at Pearson, Victoria Marshall.
“The aim was to stimulate momentum in the property market and this Christmas it’s expected that house sales will hit their highest level in a decade as homebuyers rush to beat the stamp duty changes, but with such a tight time scale it really is advisable to get a good conveyancing solicitor instructed.
“DIY is not recommended and I would also advise potential movers to make sure there is a team backing up their conveyancer. In the midst of a pandemic you do not want your one-man-band solicitor to be taken ill and for you to miss your opportunity of the reduced stamp duty rates,” added Victoria.
As we linger over turkey sandwiches and eat the last of the trifle the days after Boxing Day usually see the largest volumes of traffic for house searches. People have more time on their hands, new phones and tablets to use, and the New Year is a great motivator for change.
“As we enter 2021 and the continuing tiers and corona restrictions It’s always advisable to be aware of the latest Government guidelines when viewing properties and your conveyancing solicitor can help with any questions you may have throughout the process, said Victoria.
House sales can take around three months to complete although the high volume of transactions has led to some delays nationally and so would-be movers are advised to act quickly.
For advice on any aspect of your house move please contact Victoria Marshall and the team on 0161 785 3500.Subscribe to our newsletter