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.

[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

[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

[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..

[Desmondo2016]

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

[Desmondo2016]

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

[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).

[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.

[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!

[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!

[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.

[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!!

[Moomin12345]

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

[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!

[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.

[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

[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?