24 September 2020

Don't Miss The Deadline for Moving House in North Notts

The national lockdown and subsequent local ones are causing delays in the home selling/buying 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 12th October 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 31st March 2021

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 25th September is 187 days before 31st March next year when the property purchasing tax holiday is due to end.”

Either way, if it is 12th October or 25th September, 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 at the time of 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 31st March deadline you need to act now to give yourself the best chance.

I’m able to help you achieve this and make the most of the busy market we’re experiencing here in North Nottinghamshire. The good news is that estate agents in our area are selling properties fairly quickly, but as usual the conveyancing process (when the solicitors take over) is still taking far too long.

Give me a call on 01777 237310 to find out how I can help you beat the delays and get moving.

I’m here to help sellers, buyers, landlords, tenants. Call me or drop me a message if you think I might be able to help you.


The Good Estate Agent – North Nottinghamshire


1 comment:

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