In this two-minute read, we look at why movers in the North East need to act now if they want to save thousands of pounds in cash.
The legendary American author Mark Twain famously said this about procrastination: ‘Never put off till tomorrow which may be done the day after tomorrow.’
And while it might be a useful mantra when doing something mundane like mowing the lawn or some home DIY, it doesn’t apply to the housing market right now.
The national lockdown and subsequent localised ones are causing delays in the home moving process.
If you are thinking of moving and cashing in and making the most of the Stamp Duty holiday which could see you save up to £15,000, you’ll need to get going soon, very soon.
The Sunday Times recently published an article that said October 12 was the deadline for people to put their homes up for sale if they wanted to complete the transaction before the tax holiday ends on March 31.
It also reported that there were longer than usual delays when getting mortgage valuations, property surveys, local authority searches and having conveyancing work carried out.
These are all essential components of most property transactions.
The newspaper said these Covid-19 related delays had caused a ‘Backlog Britain’.
Its sentiments were echoed by the property law website – Today’s Conveyancer – which said: “Pre-Covid-19 the time it took (from the marketing of the property) to find a buyer was, on average, 79 days, and the total time from listing to moving into a property was 187.
If that average holds, then by consulting your calendars you’ll know that September 25 is 187 days before March 31 next year when the property purchasing tax holiday is due to end.”
Either way, if it is October 12 or September 25, the key thing to do is to act now if you want to beat the backlog and move while the financial incentives are in place.
Today’s Conveyancer also published some tips, including those below, to help you speed up the process if you are thinking of selling or buying a new home.
- The seller should instruct their conveyancer on listing the property for sale.
- Ask their conveyancer to review the property information forms and title and to identify any issues which might impact a sale.
- The buyer should obtain a mortgage decision in principle ahead of putting an offer forward.
- The buyer should instruct a conveyancer prior to making an offer.
The full article is well worth a read and can be found via this link: https://tinyurl.com/y59k254r
So, it’s crystal clear, if you want to move before the March 31 deadline you need to act now to give yourself the best chance.
We’d love to be able to help you achieve this and make the most of the busy market we’re experiencing right now across the North East.
Give us a call on 0191 527 4000 to find out how we can help you beat the delays and get moving.