Stamp duty deadlines come and go and here we are, faced with yet another one.
Rachel Reeves, The Chancellor, announced changes to stamp duty in her Autumn budget which increases stamp duty for many buyers. These changes invariably cause mild panic to set in with both home movers and their legal practitioners that have to cope with the extra stress and worry.
Each time we see a quite dramatic increase in activity on our site because Conveyancers won't order Searches before they see a contract from the sellers. This can be quite challenging given the circumstances and time constraints; buyers take heed and take control.
The clock is ticking as the changes will take place on the 31st of March 2025.
So what is it all about?
The nil rate band will shrink from its current £250,000 to £125,000, someone buying a relatively modest home costing £250,000 will be facing a stamp duty bill increase of £2,500.
The changes also affect first-time buyers, who will see their nil rate band cut from £425,000 to £300,000 and the maximum value of home they can use it on reduced from £625,000 to £500,000
With most transactions taking several months to complete you would be hard pushed to start a purchase now and still take advantage of the window of opportunity.
Buyers need to be careful not to fall foul of waiting too long to commission their Searches as in some Local Authorities areas there will be a struggle to keep up with the extra demand that is being created. If you are currently buying a home and hoping to hit the SDLT deadline and your conveyancer has yet to order your searches, let them know that you would like to get an order underway yourself and visit our website.
If you are buying with a mortgage, here's the process to follow:
Check the Lender Checker to ensure that your lender is receptive to a Regulated Search (as most are) https://www.propertysearchesdirect.co.uk/lender-check
Check your return timescales here: https://www.propertysearchesdirect.co.uk/turnaround-warnings
Get your order underway using the link below: https://www.propertysearchesdirect.co.uk/product-page/enhanced-search-pack
Ensure that you provide us with your conveyancers contact email address during ordering so that you and they can receive the reports as they complete.
The Environmental Report will likely come back within a couple of hours, Drainage & Water within 3-4 working days and the Local Search will complete in line with the timescales published on our site (linked above).
If your lender requires an Official (council produced) Local Search you will require a bespoke pack from us as prices vary between each local authority. Ask us for a quote by emailing reports@propertysearchesdirect.co.uk
If you have any questions then contact us via email, web chat or phone.
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