Advice regarding stamp duty

Liam4410

Hello,
I was wondering if someone could give me some advice regarding stamp duty holiday.

Me and my partner have an aip for a mortgage of £270000 with a 30k deposit. We have sold our house and are currently living with family whilst we find a house. In everyone’s opinion are we better off purchasing something soon and getting the benefits of no stamp duty (assuming the exemption is extended) or are we better off biding our time for property prices to decrease? 

Really difficult decision we’re both weighing up at the moment.

davidmcn

I doubt anybody here can guess much about future property prices, even if you had told us where or what you're wanting to buy. In general though, prices go up. And I'd be getting out of "living with family" within a matter of hours rather than twiddling my thumbs hoping for prices to go down...

In any event, you'd have to have quite a fast-moving transaction to get it completed by the end of June (if that is when the exemption actually ends), if you haven't even put in an offer yet.

grumiofoundation

Have you found a property you want to buy?

As above will have to be relatively quick to get done by June anyway, so probably far better to assume you won't benefit from holiday if you do find a place.

On a £300,000 property SDLT would be £5,000 
Assuming you get a 90% mortgage you would need to budget for this, and other fees, on top of the 30k.