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Original poster

Too late for stamp duty break?

43 replies

Helpusmove · 28/10/2020 17:30

We are first time buyers, looking to buy house in the range of 650k. We haven't started looking yet but need to move from where we are and are highly motivated to buy. My partner thinks that we won't be able to complete the process before March to be eligible for stamp duty break? Is that correct? Does it really take that long for a house sale to be completed?
We will be fine to continue to rent in the new area we move to and then buy. But any break on stamp duty would have been nice.

OP posts:

Lazypuppy · 28/10/2020 17:37

Standard is 8-12 weeks from offer being accepted.

So you still have to do you mortgage in prinicple, then have an offer accepted.

You definitely have time

IheartNiles · 28/10/2020 17:38

You should be ok if have a mortgage in principle and the loan to value isn’t too high. Just buy from someone in a short chain or make it a condition of sale that they go into rented if unable to complete by end March. Get a broker to find you a quick turnaround provider. Instruct a good solicitor quickly and if you do a survey book it early.

pilates · 28/10/2020 17:38

Get cracking now and you will be ok and get a mortgage agreed in principle. Good luck you’re in a good position.

Shadowboy · 28/10/2020 17:39

We sold on the 11th August and are still weeks away from completion.... we will be lucky to be in before Christmas.
Local searches taking 5-6 weeks alone so if you have a good solicitor, pay for everything straight up and there are no complications or a long chain you might just make it.

thelumberjack · 28/10/2020 17:57

I'm not as optimistic as some of the other posters.

Around 12 weeks to completion is pretty standard under normal circumstances unless long chain/ issues.
However, from what I read, there are significant delays with council searches, solicitors being v busy, mortgage appropvals, etc. You could obviously try but there us no guarantee. Having said that, the stamp duty holiday has pushed prices up much beyond any saving so it isn't a real saving anyway for buyers but a money maker for a lot of sellers.

Jedstre · 28/10/2020 17:58

Same as shadowboy we also sold early August and exchanged this week. Searches taking longer due to backlog from covid lockdown.

FManc · 28/10/2020 18:05

If you’re going to do it I’d act very soon! Remember that the legal side of things will probably shut for 2 weeks over Xmas and New Year. We had an offer accepted on a property mid July (16 weeks in) and everything took forever to sort out - mortgage appointment, valuation and survey in particular. We should be close to exchange but we’re now being delayed by a probate purchase up the chain so whatever you do make sure no one in the chain is buying probate (which hasn’t been granted yet).

organisedmother · 28/10/2020 18:21

I think it’s a little late to be honest, unless you find an empty property with zero chain I have a chain of 1 and it’s been 13 weeks

LooseMooseHoose · 28/10/2020 20:18

I also think you will have to be lucky to make it. We offered in August, searches applied for a week later. Local Authority search still isn't back. We were initially working towards end of Nov as ftbs buying a chain free empty house, now it's probably the beginning of Jan. The usual 8-12wks has completely gone out of the window with covid.

Our neighbours just sold, they have been told they face 12weeks on their searches. We are in a slow area though.

DespairingHomeowner · 28/10/2020 20:23

I think you should get a move on & then decide: every possibility the deadline will be extended especially for those in process

76ocean · 28/10/2020 20:29

Doable if you get somewhere with no chain or possibly a 3 person chain.

Daisydoesnt · 28/10/2020 20:33

Are there lots of the type of property you are looking for on the market? We’ve been looking for about ten weeks and haven’t even viewed one house yet! That’s a huge factor, if what you’re looking for is actually out there yet. Good luck.

NamedyChangedy · 28/10/2020 20:34

This is worrying, we've just put in an offer and still need to get our house on the market. I thought 4 months would be enough but it seems tight based on the comments here.

NamedyChangedy · 28/10/2020 20:35

This is worrying, we've just put in an offer and still need to get our house on the market. I thought 4 months would be enough but it seems tight based on the comments here.

Jujuball · 28/10/2020 20:36

I'm a solicitor - would be shocked it it didn't go through by the end of March in my area (searches taking about 4 weeks, average transactions I'd say maybe 10 weeks), but as pp have said, some areas are having immense backlogs with searches!

pilates · 28/10/2020 20:46

The searches in my area are only taking a couple of days!

KoalasandRabbits · 28/10/2020 20:54

I saw on RICS website average transaction taking 16 weeks so still possible if you act quickly and appoint a good solicitor.

PointyMcguire · 28/10/2020 21:02

@NamedyChangedy I’m surprised they’ve accepted an offer if you’re not on the market yet. We had to prove we were proceedable before the seller would even consider our offer. In your shoes I’d definitely be looking to get your house listed fairly soonish.

fourmonthstogo · 28/10/2020 21:03

Our searches were back in a couple of weeks, it's the survey that was the most significant delay (a month). That and the fact that our buyers don't appear to be in any hurry!

Original poster

Helpusmove · 28/10/2020 21:04

Thanks a lot everyone. Seems like it's going to be a bit tight unless we start looking extensively and find a property that we like immediately. I think we will just make a rushed decision, which we will end up regretting. So we will just move and rent for few months. I think it will make it easier to look at houses and also get a feel of the area. Appreciate all the feedback.

OP posts:

BammBamm · 28/10/2020 21:09

We moved into an empty property and sold to a FTB. It took 6.5 months even with a very efficient solicitor; however that was due to an issue with the deeds. There is really no way of knowing how long it would take, but new build could be very quick?

Chocoqueen · 28/10/2020 21:11

It really depends, our chain became 'complete' at the start of September and hopefully exchanging in the next week or two with completion at the end of November. Mortgages and surveys didn't take long at all.

Conversely we've been trying to move for 18 months and chains kept collapsing so it's possible but not guaranteed!

Backhometothenorth · 28/10/2020 21:14

We have just moved in to our house - had offer accepted on 1 August so about 11 weeks all in all. Seller had no chain which definitely helped. Searches all ok but we had a bit of messing around after survey which slowed things a little. We sold ours a month earlier and moved into a hotel for a little bit in between. The most stressful part was worrying about lockdown changes but really happy with the new house and the stamp duty savings.

cooperbug · 28/10/2020 21:43

Our searches have taken 6 weeks alone to come back, survey before that was a month.

I think it’s pushing it but never say never

cooperbug · 28/10/2020 21:46

@Jujuball which area are you? How do you appoint a ‘good’ solicitor?

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