Can I move to beat Stamp Duty?

[AcornAutumn]

I wanted to run this by you guys....am I mad to think of trying to move before the Stamp Duty holiday ends?

I know I'm a bit late to the party but it's been complicated!

Situation - currently live in my own flat in North London. Need to live near elderly mum in Essex - would be a 2 bed flat hopefully. I had been holding out, mostly because of the hassle of moving, but now really want to move back to Essex anyway - Essex born and bred!

One thing I think is skewing my view of the market - most places are so overpriced! Everyone I know who has sold up round here has to drop their expectations, which were too high. So what I can buy is influenced by what I think I can get for my current place - the estate agent told me "you'd be giving it away at a silly price" but I think they're just trying to squeeze more out of it.

on the buying front I'm seeing "offers in excess of" which I hate - it's basically a competition.

I'm not sure whether to start with finding somewhere I want or putting my flat on first - are people still unfriendly if you don't have an offer or are they more accepting of people busting a gut to meet the deadline for not paying stamp duty?

I can get my place photo ready within a week so I suppose that's the place to start.

Just really interested to hear thoughts and especially from anyone trying to move in this particular time - are solicitors and estate agents slower because of restrictions etc? If I can get my place on by the end of this month, is it realistic to meet the deadline?

I've been lurking for a while but wanted to join for moral support! Hope all the movers are finding things going well.

We accepted an offer on our house end of July, our buyers are in a chain of just two before them and we are now at the searches stage which have been ongoing for 5 weeks.

Does anyone know how long on average searches are taking at the moment?

We are still looking for our ‘forever home’ after the house we had offer accepted on was taken off the market after a week.

Is it wishful thinking that they might extend the stamp duty break?

Cooper - others on this thread know far more than I do but the agents I’ve spoken with have said

• searches aren’t taking much longer
• there are delays with surveys and mortgages

Obviously things will vary hugely.

The agent also mentioned the been discussing possible extension of the Stamp Duty holiday - I hadn’t really thought of it but it would be the only concession they’ve made to the economy so I guess it’s possible.

I’ve decided I have to be prepared to go forward even if I miss that deadline but I suspect missing it would cause a bunch of stuff to collapse - which may end up meaning an extension is granted for those already in process?

I have been assured that searches will be 7-10 days. On the othr hand it took me a lot of phoning around to find a surveyor who could do a survey before November (and then most are booking Mid November).

Thanks Molly

I’ve just been to see a property at my max price. It was odd in that it’s allegedly 250 sq feet more than mine but it didn’t feel like it.

It was properly instagram worthy and I’m wondering how much that adds to price.

I’m wondering if a circuit breaker lockdown would put a stop to agents and viewings or if they might exempt those.

I am a conveyancer. Search turn around time depends on your local authority. My local authority is less than seven days. The local authority to the east is six weeks plus. I am also acting on a property in Devon and they have advised 15 weeks. I will say that I and every conveyancer/property lawyer I have spoken with in the last month are saying how ridiculously busy they are. My own case load has doubled.

Thanks Dolly. I suppose I’ll have to try on the basis that I might not make the stamp duty holiday.

@AcornAutumn might be worth speaking to your freeholder/management company to see if their is an EWS1 form or if it's required. I've heard a lot of lenders are requesting this for mortgages

Thanks Jeff
The management company got ahead on that one so we’re all good.

I’ve woken up wondering if I can do this. Once you start trying to get a flat ready to show, it seems there’s so much to do. I might be influenced by the Instagram flat I saw at the weekend.

Anyone still reading?

Still reading. You may as well have a good clean and tidy and just put it on and see how it goes, not everyone wants a show home

Did you decide to go for it in the end?

I'm sure stamp duty does not end until April 2021 so you have plenty of time.

@AcornAutumn what do you mean your agent got ahead re the EWS1? Does your building have one? I work in housing and it will be nearly impossible to sell if you don't have one and the building is 3 or more floors.

Re the ESW1

That’s what the mgmt Co said

Two people have sold in the last month but I sense there’s more to this

I decided against it

Is the ESW1 thing forthcoming? Could the sellers here have avoided it?

Some updates on current timings in case helpfully for anyone

• my buyers mortgage offer took 2.5 weeks (NatWest I think)
• searches in area - NW London, apparently 5 weeks

I think we might be ready to exchange late Jan potentially: there is time I think .. surveyor might be tricky, but that is their issue to sort obviously

@AcornAutumn sorry, don't quite understand your message.

But if your building requires one it may be a lengthily process. It is down to the freeholder to obtain one, and if they have lots of blocks, chances are they will prioritise tall "priority" blocks first.

That coupled with year long delays at the testing centres (part of the investigations are testing a sample of the exterior wall) and a limited amount of qualified people to sign off in the certificates means that lots of people are being left with properties valued at £0 and are unable to sell or remortgage.

Some blocks are not effected, although lenders can still sometimes request a form anyway, it is pretty much at the lenders discretion.

If your building already has one then that is fab, just check what it was given, there are various categories, some require remedial works.

Apologies if I have miss read your message and this is not the information you were looking for!!

@AcornAutumn

Re read your messages- if the sellers have sold this year it could be for a number of reasons-

• your block has a satisfactory EWS1
• your block does not require one
• the buyers have a lender that are happy to lend without, or happy with the EWS1 that was provided.
• they have sold to cash buyer

If you tell me the size and type of your block I could probably be more specific

I’m pretty sure we have a satisfactory ESW

I was just confused because I thought you were saying that was impossible

@AcornAutumn

Sorry for confusion-

I said..... it will be nearly impossible to sell if you don't have one and the building is 3 or more floors.

If you have one then you are very fortunate and in fact may be an advantage to selling! So many don't have one that people in the market to but haven't been able to get mortgages. If yours has one it will be much more appealing

As a first time buyer, I just want to say I hate seeing new laminate and new cheap kitchens obviously put in to sell. I'd rather see dated than a cheap kitchen, because if its dated I can change it to exactly what I want but if it's new and cheap looking I can't justify ripping it out. I know I'd never get round to a big job like changing a kitchen if there was a new one in, even if I didn't like it. I'd have to live with it begrudgingly. I have made an offer on a house that has just put in new grey laminate everywhere including the stairs, but I wish they hadn't!