Stamp Duty Holiday Extension – What Does It Mean To You? 4 Mar 2021
Stamp Duty Extension Explained
With so many house sales struggling to exchange because of the immense pressure that the first Stamp Duty cut generated, there will be many buyers out there breathing a huge sigh of relief that the cliff edge of the 31st March is no longer there. For many in the St Albans area this stamp duty cut means an extra £15,000 off the purchase of their property and many sales were agreed with this in mind.
So, what happens next?
The deadline for the stamp duty cut has been extended to 30th June meaning that you will not pay the stamp duty on the first £500,000 (a potential saving of £15,000) of your purchase. From 1st July, the first £250,000 of the purchase price will be exempt from the stamp duty, this will then return to its pre-pandemic level of £125,000 from the start of October.
How does this affect you?
If you are already in the process of buying, it hopefully gives you the breathing space to get your sale through within this period and to take full advantage as you now have until 30th June.
I guess the magic question is, if you aren’t on the market yet can you make the deadline? I wish I had a crystal ball and could honestly answer that question. Its certainly achievable, but you will need a good conveyancing firm, a fast sale and a solid buyer. With the average house sale currently taking 4 months’ time is of the essence. Your Estate Agent should be working with you not just to achieve a sale, but to get you the right price from the best buyer and then to proactively progress the sale. Sales chasing will be key, a good agent that will chase your sale through is worth their weight in gold!
If you would like to talk to us about your unique situation, after all every house sale and situation is different, then we would love to hear from you. Help us understand your property, what you need from your next property and any other elements that come into play, we can then offer you an honest opinion (no promises) of your chances.
Why not book a valuation today and find out more about what we offer?
However ready you are, we would welcome the opportunity for a chat.