At the end of March, it’s the end of the stamp duty holiday. An estimated 74,000 buyers face the costly prospect of missing the deadline, with a collective £142million at stake.
Property transactions in the UK currently take about 20 weeks to complete, meaning anyone hoping to sneak under the wire should have started last October – sorry.
The honest truth is, that if you haven’t begun the buying process yet, you need to resign yourself to paying the additional tax.
Luckily, paying more tax is something people have already got used to - one more can’t do any harm, right?
The expert shared tips to get ahead of the fee increase
PABut if you are part way through buying, you need it done and dusted by March 31. And that is still possible. Just.
There are ways to get your purchase over the line quicker - I know them because people come to me when they need a troublesome house bought quickly - four hours is my personal best.
So please find a few tips to help you save enough for a holiday, to get over the strain of racing to beat the deadline.
Speed up all communication by using email and sending documents digitally
If something needs a ‘wet signature’, pick it up or arrange a courier to save valuable days in the post.
Take a view – no home is perfect
Don’t expect perfection with the survey or the legal work if the issue is trivial. But equally, don’t rush so much that you ignore a problem that will cost more than the saved stamp duty tax.
Stay in touch – be relentless
Keep in regular contact with your solicitor, estate agent, and mortgage provider. Call them weekly if needed, or more as required. Emails can often end up in the digital equivalent of a black hole, so call when you send something important to make sure it isn’t in spam or being ignored.
Respond Quickly to Requests
If your solicitor asks for documents or further information, don’t delay. The faster you respond, the quicker the process moves. Plus, it gives you the moral high ground to nudge others along in the chain.
LATEST DEVELOPMENTS
Jonathan Rolande shares his expertise JONATHAN ROLANDEDon’t be afraid to be a ‘difficult customer’
Be polite but if you feel you’re not being taken seriously or others are getting the priority, say so. Keep it friendly but be firm - sadly it is often those that are tougher that get the attention.
If I had to give a sixth tip it would be this – don’t let it ruin your life. Even a few thousand pounds wasted is, in the grand scheme, not that much.
In 2024, the average house in the UK increased in value by £35 a day, and that was considered a bad year!
What you pay will soon be irrelevant as values and mortgage rates ebb and flow. Save money where you can of course, but prioritise making a home.
Jonathan is the founder of House Buy Fast. For more information visit www.housebuyfast.co.uk
