Bets on if we will make stamp duty holiday

[MrsMck18]

Hello,

We have accepted an offer on our house from FTB, had our offer accepted on the house we want to purchase, they have had their offer accepted and the top of the chain are deciding on a new build today. So there will be 4 in the chain.

We have sent all our paperwork back and signed draft contracts for the sale. We have our mortgage valuation being done on the 6th April along with our home buying survey.

We would love to make the stamp duty holiday but keen to know if you think it would be possible.

Also with the top of chain buying a new build (which isn't built) would we have to wait until the house is built? They are moving out the area.

Thanks

Stamp duty is payable based on completion date, so yes you'll have to wait until they new build is built.

Even without that, you will have almost no chance of beating the June deadline, buy may or may not hit the September one. TBH a lot of conveyancers / solicitors are overworked at the moment so I wouldn't rely on it.

Look at it as a nice bonus if you do, but I wouldn't be relying on it.

Probably not what you want to hear but I think it's highly unlikely that you'll make the June deadline. The second October deadline might be more realistic though.

With a fair wind it might be doable for a straightforward chain-free transaction starting now but even then I would be budgeting for stamp duty. Things are slow at the moment and conveyancers are swamped.

We are nearly 9 weeks into the sale of our BTL: chain free (FTBs and vacant possession) and we haven't even started talking about potential dates for exchange/completion yet. Nothing has been 'an issue' particularly, just various wheels turning slowly (long wait for survey, buyers lender taking ages to offer mortgage, searches slow).

I'm worrying about making the June deadline and we are 6 weeks into our separate (also chain free) purchase. Again, no particular drama just things taking time.

I think it would be unlikely. To give you an idea, we are 6 weeks in, with a new buyer and everyone else above is ready for exchange. Our new buyer hasn’t had to wait for searches as they are using them from our previous buyer. And she got her mortgage offer 2 weeks ago. Current stage we are at is answering enquiries from the searches. I am hoping this will be done next week. So if we exchanged/completed week after that, would be approx 8/9 weeks. But as I say, that’s with the perfect buyer and searches already done...

With a chain of 4, there’s bound to be some delays. Mortgages/ searches/ surveys etc

I think be realistic with your expectations so you (and others) don’t get disappointed

Just to add, this is our ‘New’ buyer as previous pulled out. So all legal work on chain above was done months ago

Almost certainly not.

Most firms are still manic with existing transactions. My employers are viewing the extension as taking the pressure off existing transactions. Clients who ask to get prioritised are (politely) getting short shrift.

I think unlikely in the chain of 4. Although you have a FTB, if you’d be willing to break the chain, move in with family until the top completes, then you’d be in with a good chance.

We are in a chain of 4. We are on week 23 and still haven't exchanged

Highly unlikely - unless the top of the chain would be willing to move into rented/with family until the new build is done? Or someone up the chain.

What's the expected completion date for the new build?

We broke the chain last month and moved into an Airbnb, now in our house, but I’d recommend it, (especially if you know you want to sell your house even if your house you have offered on falls through) it was like a mini holiday to relax between the stress of boxing and unboxing. Your FTB may well be ready within the deadline.

Not a chance I would say we have just moved also a chain of 4, all purchasing cash from sale for no mortgage complications, took four months.

I am assuming the top of the chain will move into rented accommodation before their new home is built? As if not it will be ages until you move, new homes are notorious for pushing back dates new homes will be ready, that’s exactly why the petitioner asked gov to consider an extension to the SDLT. As the property he was purchasing would not be ready to complete by 31 March 2021.

I think you need to take a view on it. If you get it through in time, great, but expect to have the cash available for SDLT when your solicitors needs it just in case OP.

Good luck with your move, wishing you all the best.

If the top of the chain are willing to break the chain, you may be in with a chance, otherwise...

We offered on the place we're buying in early December with the aim to complete for end of March. Hopefully we are completing in two months instead. There were no major complications but our vendor's purchase had a land registry query that only came back last week. It gets very frustrating when there's one last thing outstanding but it's got nothing to do with you, so you can't really chase it!