Over the last year, the property market has revolved around the stamp duty holiday. Following the announcement in July 2020, fresh energy swept the market as buyers raced to benefit from the savings. While the market was busy, onlookers nervously anticipated the impact the holiday deadline might have. Even with the original deadline extended by an additional three months, fears of a cliff edge were voiced. However, as we have reached and now passed the first stamp duty holiday deadline, the market has sustained its pace.
How much can I save under the tapered stamp duty holiday deadline?
Until June 2021, the nil-rate band for stamp duty land tax was £500,000. This meant anyone buying a main residence up to this value would not have to pay additional tax. Following this deadline, the nil-rate band has dropped to £250,000. This means more buyers will have to pay the stamp duty fees, as fewer properties fall under this price point. Despite the drop, there are still savings to be had!
How can I have the best chance of completing in time?
If you are looking to benefit from the savings afforded by the tapering of the stamp duty holiday, the final deadline is fast approaching. However, there are things you can do to give yourself the best possible chance of completing in time.
- Prepare your finances: If you have had an offer accepted on a property, ensure your finances are in place and ready. A mortgage in principle agreement is perfect for helping your transaction start off on the right foot.
- Instruct a conveyancer: The time when your offer is accepted is also the time to instruct a conveyancing solicitor. Shopping around for quotes prior to this will allow you to make a decision in advance and instruct a conveyancer as soon as the offer is accepted.
- Do your part: Do not delay when it comes to your parts of the conveyancing process. Completing your identification checks, ordering your searches, and raising enquiries as quickly as possible will keep your transaction moving.
- Communicate with your conveyancer: Although conveyancers remain extremely busy, maintaining close communication with them is a benefit. While giving them the time to conduct their work accurately, keep an eye out for emails, portal updates, or voicemails. Ensuring a quick response will help prevent delays on your end while providing your conveyancer with the answers to progress your transaction.
How the stamp duty holiday taper can help you save!
Although the first stamp duty holiday deadline has passed, that does not mean savings are not still available. They may be less applicable depending on the property value, but thousands of homebuyers still stand to benefit. By following the measures outlined above, you can give yourself the best chance of completing in order to save!
About Home Legal Direct:
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