2:33 PM 12th October 2020
Yorkshire Lawyer Advises To Act Now To Take Advantage Of Stamp Duty Holiday
Yorkshire law firm, Switalskis Solicitors, has advised that those considering buying or selling residential properties should act quickly to avoid unnecessary stress further down the line, and potentially missing out on the Government’s stamp duty break.
The temporary stamp duty holiday for residential properties worth up to £500k created a surge in house sales during lock down and huge savings have been made by buyers. Up until 31 March 2021, buyers will only start to pay Stamp Duty on the amount they pay over £500,000.
Whilst there are still five months before this ends, Sarah Cookson, head of conveyancing at Switalskis explains why action should be taken now:
The temporary stamp duty break has given the residential property market a mini boom and has fuelled residential sales during a potentially uncertain time for the industry. The introduction of the stamp duty holiday for properties up to £500,000 has saved an average of £4,500 per transaction, which has been a huge incentive for people to buy and sell before the cut off at the end of March.
On average, property sales are going through within four months. This is an average and will clearly depend on complexities of sales and chain. For those who are seriously considering buying and selling I would strongly advise that they move quickly to take advantage of the cost saving benefits. We will do everything we can to get sales through to completion before the deadline but instructing a conveyancer sooner rather than later will be advantageous.
We’ve experienced an exceptionally busy time in the conveyancing market since lock down. Despite working remotely and not being able to see customers face to face as we would like, we remain working at normal capacity and are able to transact as normal.
Sarah Cookson is head of Switalskis Solicitors’ residential conveyancing department, based in Knaresborough and working across its offices in West Yorkshire.
Here is my advice for those seriously considering buying or selling residential property and hoping to take advantage of the stamp duty holiday:
Be certain about your decision to buy or sell – to avoid any disappointment for all involved, it’s important that you are serious about the sale or purchase and are in a position to help the transaction go through as smoothly as possible.
Act now – whilst there are five months until the deadline, time is not on your side so we would advise not to leave any decision for much longer.
Select your conveyancer wisely – do they know the market, are they accredited, do they have experience of working in the area of conveyancing in which you need them to work? This should help give you peace of mind when appointing a conveyancing solicitor.
Be patient. Whilst solicitors are not able to see you face to face at this time, we are still dedicated to moving sales and purchases along as quickly as possible.