Stamp duty Extension

quattros

Hi all My Sister who is currently in the process of buying her property which had offer accepted and started January 2021 and is around say halfway in the process and no chains involved , Now there is Potentially a 6 week extension which may be implemented by the Chancellor do you think my Sister would qualify for the extension or is it for new sales that will take advantage of the newer extension if it happens or people who are in process but from last year 2020?

davidmcn

I would expect it to work as normal and be based on the completion date. 

Rachlou_25

If she completes before the cut off date, yes. I put an offer in on a property in January and will benefit from the stamp duty holiday because I’m completing on 5 March

Nowherefast

Rachlou_25 said:

If she completes before the cut off date, yes. I put an offer in on a property in January and will benefit from the stamp duty holiday because I’m completing on 5 March

Ideally she wants it completed before March 31st but the sellers Solicitors are quite slow , So she is wondering if the extension happens then would she qualify?

how did you manage to get an early completion date ?

quattros

Rachlou_25 said:

If she completes before the cut off date, yes. I put an offer in on a property in January and will benefit from the stamp duty holiday because I’m completing on 5 March

Ideally she wants it completed before March 31st but the sellers Solicitors are quite slow , So she is wondering if the extension happens then would she qualify?

how did you manage to get an early completion date ? 

Thrugelmir

How many parties in the chain? 

quattros

Thrugelmir said:

How many parties in the chain? 

The Seller and my Sister buying only No chain involved 

Seashell517

quattros said:

Rachlou_25 said:

If she completes before the cut off date, yes. I put an offer in on a property in January and will benefit from the stamp duty holiday because I’m completing on 5 March

Ideally she wants it completed before March 31st but the sellers Solicitors are quite slow , So she is wondering if the extension happens then would she qualify?

how did you manage to get an early completion date ? 

It's not even certain it will happen yet, so the terms for it are also not clear. The 'suggestion' from the Telegraph has been a general extension of 6 weeks, so no stamp duty on properties under £500k as primary residence until mid-May. But no-one will know for sure until March 3rd.

'Early' completion date is dependant on all required legal work, surveys and mortgage offer being completed. (My chain was complete at the start of the year, we're hoping to complete mid-March but there are still enquiries outstanding so can't confirm it until those are resolved.)