Completing before stamp duty holiday ends?

[FastMovingLuxuryGoods]

I know this is a bit of a 'how long is a piece of string' question but some advice from more experienced buyers would be great.

We are chain-free FTBers needing only a small deposit (approx 30% LTV). We have an AIP already. If we had an offer accepted on a house in the next month, do you think we would have any chance at all of completing before the end of March 2021?

Depends entirely on your vendors’ situation and motivation.

Yep a chain free house you might be OK but Christmas slows things down and depends on the area you are buying as some councils are taking a while doing searches

Don't FTB's get stamp duty free up to a point anyway ?

Cutting it fine, everything is extremely slow at the moment. We had an offer accepted in the middle of September, the chain didn't finish forming until late October, by the time the solicitor had everything ready to start the searches it was almost the second week of November and they won't be back until about mid December. So that's three months and even then we might still be waiting for enquiries or someone else in the chain. If we don't complete before Christmas then we're probably looking at mid January which is four months from our offer being accepted. It also took several weeks for the survey to take place - probably a month all in by the time we get the report. Mortgages are apparently also taking forever, particularly if you're going for high LTV or high salary multiples (ours was quick but we only needed a tiny mortgage).

@popcorndiva

Don't FTB's get stamp duty free up to a point anyway ?

Up to £350K, yes. We live in a very expensive part of the SE though! Unless there is a big price drop next year we won't be eligible for that.

It’s not super slow everywhere. We should be moving next week and we had an offer on our house in early September. It’s a chain of 5, so not small. Our searches were back in two weeks. We’ve had a few hiccups along the way that slowed stuff down. The mortgage took 6 weeks.

You could probably do it but you’ll be cutting it fine. I think you’d want a very small chain to give you the most hope but then, do you want to rule out a lovely house because it’ll be in a big chain etc?!

If it's a long chain probably not. if it's a chain free property you may just about manage

Ordinarily I’d say yes, but everyone involved in the conveyancing process is manic at the moment. So maybe.

I think I'm just going to have to assume we won't. Then if we do it's a lovely bonus and if not we're prepared.

Given that everything else I've hoped for this year has gone to shit I don't see why this should be any different!

With the furlough offer being extended, I wonder if the stamp duty holiday will be extended at the last minute too. I'm six weeks into my purchase and I'm just having to ask the EA to chase the vendor's solicitor for the draft contract, but the searches are back. It's the contract enquiries that take the time, I think I'm in for a wait too. My seller is buying in a Tier 4 area, I'm not sure how she is getting on. What a year!

I’m Cambridgeshire and I would say hell no but that’s this area it’s at a snails pace 🙄

I’d say there’s about a 20% chance. (Statistic based on no science at all).

Just be prepared for not being in time, and then it might be a lovely surprise...

Our process is going ok, mortgage back within 48 hours and searches in 3 days. We are waiting responses to enquiries and our offer was accepted 2 weeks ago. If you are organised and have a short chain it could be done.

@organisedmother I work for a firm in Cambridgeshire. It’s very, very busy. Or are your conveyancers just a bit crap?

What are enquiries? Our searches were finished yesterday, no chain, survey done, mortgage done . What happens next?

I'm in a chain with my buyer, me and my vendors and I'm on week 20 (since the chain was completed) and still have no move date.

@MinnieMountain buyers buyer solicitor a bit crap I think 😬

I'd heard a rumour that most conveyancing is taking about 20 weeks at the minute. We just completed in about 12 but we were fairly quick to sell and buy at the beginning of the holiday

I have just completed on Tuesday. Sold late July and moved into rented. My buyers sold to an investor so only 3 of us in the chain still took 4 months. The Solicitor was saying that they are so busy she is having to come in and work weekends just to get through the work.

We were FTBs and vendor had no chain. Took 3 months from offer to completion. The mortgage application alone took 8 weeks!!

@McRibpain

What are enquiries? Our searches were finished yesterday, no chain, survey done, mortgage done . What happens next?

Things like is there building regs for an extension or clarifications on any covenants or right of ways etc.

I had an offer accepted this week and heard from both the EA and a mortgage adviser they think 6th Dec is the cut off to get thru before end of stamp duty holiday

Did you complete OP?

We can't complete on time as our local council are saying it will take 12 weeks for searches to come back due to the pandemic/staff shortages/lots of houses being sold. So we're cutting it very fine and I don't think we'll complete in time. I've signed a petition hoping the government extend the stamp duty holiday by even a little while! We can't afford to move if we have to pay it x

I would say yes, if the house is chain free. We first viewed our house end of jan last year and were all set to exchange, complete and move end of March (we were also first time buyers and house was chain free). But then COVID first happened which pushed things back 2 months. If you highlight the fact you need to move before then I think it's doable.

Sorry just realised this post is from November not now!