Still enough time to complete before Stamp Duty Land Tax ( SDLT ) exemption deadline?

dinoman

Hi all, i’m planning to buy a property and hope to have a sale agreed by the latest 8th January 2021 (end of next week).

In everyone’s opinion, what are the chances we will make it in time before the stamp duty exemption deadline end of March? (approx 2.5months period to get over the line)

Read and heard from some it’s unlikely due to the system backlog ranging from slow mortgage approvals, to searches, to slow conveyancing and covid people working from home etc….
We would ideally like to buy with a mortgage (already have agreement in principle in place and a mortgage advisor) but can also be a cash buyer if absolutely necessary to speed things up.

What are your views? Any people with recent experience or are waiting currently or in the same boat?

GDB2222

If you are buying 100% with cash in the bank, you can easily do it, provided you are prepared to take some calculated risks. For example, you don’t have to get searches. 

Are your sellers in a chain? If so, it doesn’t matter how quick you are, as you will be tied to the slowest link in the chain. 

Out of interest, how much stamp duty would you save?

MovingForwards

Slim to no chance unless a cash buyer, solicitors and conveyancers are busier than they have ever been and completions are taking longer than normal.

Have a look over on the house buying part of the forum and see for yourself.

GDB2222

If it’s a standard sort of house in a suburban setting, one that’s been bought and sold a couple of times in the last 20-30 years, the chances of the conveyancer finding anything really important are rather modest.

CatLady87

You’ll be in the same boat as a lot of folks and solicitors are very aware of the deadline. Have you instructed a solicitor yet? If not, do it ASAP. Make them aware of your desire to complete as soon as possible. If you have searches ask the solicitor to do them before you get Contract papers (it’s often standard practice to wait until you’ve got the Contract papers in from the seller’s solicitors).

Like others have said, if you’re in a chain this can slow things down. Just make sure you’ve got as much done as possible so you’re as ready as you can be. Hope that helps! 

silvercar

Moving this to the housing board.

tink_1983

If you need the stamp duty discount I'd say your cutting it very fine. Our while chain broke down before Christmas. Back to square one for us. We are not budgeting the stamp duty in.
If I learnt anything from my recent experience as nothing is guaranteed in conveyancing.
Buyer pulled out on exchange day. Got new buyer the vendor decided to not sell due to the stress of it all.. 

Drawingaline

We had to remarket as t the beginning of November. Our purchase was ready to exchange. New buyer found in 48hrs, our solicitor said we would be ok as our onward chain was all ready, but they were telling new clients with a chain then not to expect to be done by the end of march.

We have no choice. Mortgage offer expires at the end of Jan!

amandacat

Drawingaline said:

We had to remarket as t the beginning of November. Our purchase was ready to exchange. New buyer found in 48hrs, our solicitor said we would be ok as our onward chain was all ready, but they were telling new clients with a chain then not to expect to be done by the end of march.

We have no choice. Mortgage offer expires at the end of Jan!

We are in a similar situation in that our buyer pulled out, we secured a new one mid November. No chain for us as we are moving to rented. Most stuff done for the sale apart from searches still not back. We are hoping to exchange by the end of January but will depend on search results and any further enquires. 
This business is stressful!
If this happens that’ll be 2.5 months from sale agreed to exchange but this is with no chain. I think it’ll be tight to complete in time for the end of March OP but not impossible. 
Don’t use EA recommended solicitor- look for a local reputable firm with good  reviews, both myself and buyer are using good solicitors and it has made a massive difference.