Private sale - any tips to complete before stamp duty deadline?

[OscarandLucinda]

We have the opportunity to buy a house via a private sale. We are in rented and there is no onward chain. AIP with Halifax but otherwise not started anything else eg searches.
We have a solicitor lined up from a previous failed purchase so have done the ID checks etc.
Would appreciate any tips on anything we could do to try and make the stamp duty deadline? Call around other solicitors and see who might be most proactive? Any advice welcome

Chase your solicitor more than feels comfortable and make it clear that you must complete before 31 March to the seller.
Do you have to complete or just exchange to get the no stamp duty benefit?

Thank you - I think you have to complete? We could exchange and complete the same day if needed. If cash buyers would just go for it without searches etc as know the house but assume long delays with mortgage. However council website says 1-2 days turn around for some searches?! Hopefully!

Good luck OP. Most firms are already chockablock with clients wanting to complete by the stamp duty deadline.

With the council searches you can pay a couple of quid more for a fast track service.

Phone your for an update daily, and maintain a good relationship with your buyer so you can ask them to chase any hold ups at their end - I'm sure they will be motivated by the same goal!

www.birchallblackburn.co.uk/

These solicitors are offering a guaranteed fad track service for an extra £300 compared to normal prices. Jonathan (can't remember the surname) is the solicitor offering this.

The searches will take a few weeks, regardless of ringing everyday.
The vendors solicitors are key too, and they need to answer enquiries efficiently.

Are you first time buyers?

If so post the stamp duty holiday the old rules revert, nothing for the first £300k, then 5% over £300k.

Just in case you're trying for a minor miracle when you don't have to!

Thank you, that is all very useful - I didn’t know you could pay to expedite the searches, will definitely ask about that. Will check out those solicitors today as well, that’s the sort of thing I was hoping to find!

No unfortunately we are second time buyers so would be around 30k stamp duty if we miss the deadline. We probably could do it but would be very tight and not sure could cope with little buffer in savings!

Do you think it would be any quicker if our vendor uses the same solicitor firm (aware usually has to be a different branch)? Anyone done this?

You can bypass searches altogether and ask for solicitor to get an insurance indemnity, that may help speed it up. Good luck!

Hap oh really, can you do that with a mortgage even? Would have assumed Halifax would want searches to give an offer, but if not would definitely go for that option!

Anyone used Halifax recently and can advise how long offers are taking after AIP?

That’s a good idea @BeautifulandWilfulandDead. Add to their workload by asking for daily updates

Phone your for an update daily

Don't do this. Imagine if every client did this, and how much time it would take. It's a surefire way to ensure no one exchanges on time!

Ask to start the searches asap...a lot of council are having a backlog at the moment - my local council have removed the expedient service. Make it clear to the lawyers and everyone involved that needs to be completed before March 31st.

Apply for the full mortgage today (if you have a broker that may really help speed it up) and appoint a surveyor asap.

Thanks for all the tips. Looking promising as broker thinks mortgage offer should take only a few weeks and solicitor says searches in our area currently taking only 1-2 weeks (?!)

Quite different to what I was hearing. Broker said Halifax may only want a desktop valuation as well.

The only potential fly in the ointment is that our vendors would need to stay for 3-4 months after completion as moving abroad. This is absolutely fine with us and would obviously have a formal arrangement, but not sure if would affect mortgage offer - anyone have any experience or better start a new thread?

I think they have to sell with vacant possession so they couldn't stay on op. Ask your solicitor but it could be problematic.

Yes having googled it it does seem needs vacant possession for the lender to release funds.

Blast. I think we will look into whether there is any way we can swap - the vendor switches to our rental for a few months

Sellers cannot stay in the property if you have a standard residential mortgage.
Not all local authorities offer a fast track service so depends where you are.
Our firm is not taking on any Clients that require completion prior to the deadline as we are already overwhelmed as is every conveyancer/lender/surveyor I speak with.

30k stamp duty??

You're being led off track here. You're not going to buy with a mortgage without searches, it's currently taking weeks for surveys to be booked so getting a mortgage offer in 1-2 weeks is unlikely, and you can't buy the place and let the old owners stay there a few months before you move in.

I'd be budgeting for the stamp duty and being realistic.

We’re currently sending out letters on all our existing files warning clients of the extra SDLT if they don’t complete by the deadline.

Thank you all for the advice. Yes solicitor said we would need searches but also said taking 1-2 weeks here, broker seems to think mortgage offer will be quick as well so I am remaining optimistic!

Yes realised vendors won’t be able to stay on without us taking possession - they are a friend so think we will offer to take possession as such but then allow her to stay with us for a few months.IYSWIM

Good luck to any one else trying to make it before end of March ...

It isn’t the searches you need to be worrying about, it’s the survey / valuation.

There are long appointment waits for surveyors, and the mortgage co definitely won’t lend without a valuation and probably survey.

The ‘holiday’ represents about £13k saving in the first £500k worth of property.

It could be possible - we had offer accepted 16th December! Mortgage was approved 31sr December, had survey done 8th jan

Our solicitor is starting the checks etc for us tomorrow (so he says) he went a bit quiet on us there for a few days but has been in touch today!
So things have moved fast enough

We are literally chasing our solicitor daily at the moment tbh and really trying to speed this along 😂

Hope you get sorted

The mortgage lender had the valuation booked within a week - not sure if we were just lucky?

Please do not chase your solicitor daily. It really does not help!