If you were thinking of buying or selling a property to take advantage of the stamp duty break, expiring on the 31st March 2021, you had better get a move on.
It has been widely reported that agents, lenders, brokers, solicitors, removal companies and many associated professions are under strain due to the surge in demand resulting from Rishi Sunak’s stamp duty break.
This has subsequently increased property transaction lengths from the usual 10-14 weeks between a sale having been agreed to exchange of contracts, to the predicted increased length of 19-20 weeks - nearly 5 months!
If you secure a buyer in the next 7 weeks i.e. by mid-November 2020, this will allow you the better part of 19 weeks (and a couple of days) to complete before the stamp duty break window closes.
Top 5 Tips to sell before the stamp duty break ends;
- Show you are serious from the start – begin marketing your home with a realistic asking price. Now is not the time to try a speculative higher price.
- Paperwork – have all the relevant documents ready to hand to your solicitor the second a sale has been agreed. Time spent finding documents can cause undue delays.
A copy of the lease (if the property is leasehold)
Documentation related to the freehold (if it’s a freehold property)
FENSA certificates for replacement windows less
Your Energy Performance Certificate (EPC)
Relevant building restrictions
Building regulation certificate where alterations have taken place
A Gas Safety certificate for a new boiler or servicing of a boiler
NICEIC certificate for electrical installations
- Professional photos and floor plans – we always employ a specialist photographer to take outstanding photos. Prepare your house accordingly and try your best to keep it looking it’s best throughout marketing.
- Consider Covid – under the new guidelines agents and viewers will be wearing masks, social distancing and we advise sellers to leave the property whilst we carry out viewings. Keep a bag of cleaning products to hand so that after each viewing you can wipe down those high traffic areas like door handles and cupboard doors. Open windows to allow fresh air to flow.
- Will you chain break? If you have a buyer who is ready to exchange on your property, we would advise you don’t keep them waiting. Consider moving in with family or renting to aid in chain breaking where possible. This can be the difference between selling and an entire chain falling foul of extended timescales caused by increased demand.
If you are selling or thinking of selling your home, please call us today on 01992 666 191.