Too late for stamp duty break?

[Helpusmove]

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.

[PointyMcguire]

@NamedyChangedy oh no, not something I’d want to be right about, so sorry! I know from bitter experience as we viewed a few before ours was listed (pre-covid) and gave up in the end as it was soul destroying seeing something we liked only to get pipped to the post because we couldn’t proceed. Do you think you’ll be able to list yours soon?

[DespairingHomeowner]

@househunting19

Doable if you start the process fairly soon. I guess as first time buyers you will have lots to figure out in terms of locations to consider before narrowing down on a home you like, which will be your biggest challenge. I'd recommend checking out this tool for your search - it might help you narrow down on the right property much more quickly then sifting through rightmove/zoopla for days on end :)

@househunting19: reported as spam

[mumsy27]

@TechnoDino

We had to rush our purchase through (no chain helped) and did it in 5 weeks offer to completion. We made all parties clear re our deadline from the outset, and the seller was very motivated to clear the funds.
We used an online conveyancing solicitor and the searches were all done within a day or two.

it is irrelevant the deadline, too many parties involved, took us 8 months to complete with a very simple and small chain.

[LividLaughLurve]

@TechnoDino how did you facilitate things so quickly?

I’m doing everything I can, had mortgage and surveys back within two weeks of offer, but everyone else is still so slow! Don’t think searches have even started yet!

[Moomin12345]

Don't worry, the stamp duty break will be extended at least till the end of 2020. Desperate times, desperate measures etc

[augustusglupe]

There's still time. We're in a similar situation to you, similar budget.
We're cash buyers though. We're in rented having sold our house 2 years ago. We were 4 months then, from accepting the offer to completion and our buyers needed a mortgage. We never stop looking, so fingers crossed!!

[TechnoDino]

We had to rush our purchase through (no chain helped) and did it in 5 weeks offer to completion. We made all parties clear re our deadline from the outset, and the seller was very motivated to clear the funds.
We used an online conveyancing solicitor and the searches were all done within a day or two.

[NamedyChangedy]

Pointy, you may have been right - we got trumped by a cash buyer this morning. But we're still keen to complete by March - we have 3 viewings lined up already and the pictures haven't been taken yet, so it looks like the demand is there. Fingers crossed that 21 weeks is enough, if we find the right house!

[NamedyChangedy]

Pointy, you may have been right - we got trumped by a cash buyer this morning. But we're still keen to complete by March - we have 3 viewings lined up already and the pictures haven't been taken yet, so it looks like the demand is there. Fingers crossed that 21 weeks is enough, if we find the right house!

[RunningThrough]

@mumsy27

the maximum you save is 15k, once the deadline is over or nearing the rush will die down, it will reflect on the price and the stock of properties.
I would say wait and see how the market is moving(post furlough).

Yes, I saw properties pre-stamp holiday priced at £450k suddenly hiked to £500k and I think once the holiday ends ones around £500 will come down to £475ish anyway.

Though I think the stamp holiday may be extended another 6 months. No evidence just a thought!

[RunningThrough]

We sold 6th August, still no exchange date in sight. Mortgage lenders are VERY slow and very cautious with their lending at the moment.

[mumsy27]

the maximum you save is 15k, once the deadline is over or nearing the rush will die down, it will reflect on the price and the stock of properties.
I would say wait and see how the market is moving(post furlough).

[Desmondo2016]

AHH just seen you do over 300k. My bad.

[Desmondo2016]

I didn't think first time buyers pay stamp duty anyway?

[MoirasRoses]

Our searches were back in two weeks. Tier2 area, been in local lockdown for months. It’s the mortgage that’s taken forever. 8 weeks. Took them 2 weeks to tell us they’d booked the valuation for another 3 weeks time. Then if got delayed due a staffing issue. Then if took 2 weeks from valuation to offer but that was because of an error by the bank. It’s been similar along the chain. Searches back pretty quickly, mortgages taking forever. We sold in early September, looking like we’ll be moving mid-November. Fairly short chain of 4..

[gingerbreadfox]

I think you'll be ok if you get moving quickly. The issue is you don't want to feel rushed and end up buying a house that isn't the right one for you. Know what it is you want and go for it I say

[Jujuball]

@cooperbug North West... personal recommendations ideally, good research into recent reviews if you don't know anyone that's moved recently

Avoid the online conveyancing factories would be my top tip

[cooperbug]

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

[cooperbug]

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

[Backhometothenorth]

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.

[Chocoqueen]

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!

[BammBamm]

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?

[Helpusmove]

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.

[fourmonthstogo]

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!