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Original poster

When is too late to achieve 31st March stamp duty deadline?

27 replies

CallyCC · 13/12/2024 20:53

Our house is up for sale in England, we had an offer fall through a few weeks ago. A viewer this week has indicated that they are likely to make an offer. Their lower chain needs to complete before the 31st March stamp duty deadline. I'd like to think that if we accepted an offer next week, it would be feasible (if not definite) to complete before then. What do people think?

NB I know there are many variables, but just interested in people's thoughts / ballpark estimates. Thanks.

OP posts:
Marmitethedog · 13/12/2024 21:01

I just agreed sale to FTBs. I went with a quite expensive conveyancer I’ve used 2x before. Now he is super fast but he said I would complete by end Feb. My FTBs would pay £13k more SDLT if we missed the deadline so I stuck to my asking price and said I would pay top dollar for legal advice and surveys my end (eg for onward sale) to make it all speedy. I’m also using a very highly recommended premium priced surveyor.

I think if you don’t get an offer before Xmas it’s possibly worth avoiding FTBs and going for a home owner. My own SDLT would be about £2k-£3k more after the deadline. Not a deal breaker as I’d just use cheaper/slower lawyers and surveyors.

SoloSofa24 · 13/12/2024 21:01

Do you have an upward chain? And how long is the lower chain?

I sold earlier this year and it was almost exactly three months from accepting an offer to completion, but that was largely because I was selling chain-free. There were three houses below mine, and the whole thing almost fell through at the last minute due to problems with the checking the origin of funds of the buyer at the bottom of the chain.

It should be possible if everyone is motivated, and you all have good solicitors and estate agents who talk to each other, but by no means guaranteed.

Dramallama91 · 13/12/2024 21:23

Potentially if you're top of chain and everyone knows the deadline, is similarly motivated and gets their paperwork into solicitors before the Christmas break.

We completed our chain sept 16th and are moving on Tuesday, Dec 17th so pretty much exactly three months - but with no bank holidays to hold anything up - so it is possible!

Chain of three properties

Original poster
CallyCC · 13/12/2024 21:23

We are looking to buy a property that has no upwards chain. Our potential buyer has 2 people below them, presumably including FTB at the bottom of the chain.

OP posts:
littlemissprosseco · 13/12/2024 21:25

You’re getting tight

SoloSofa24 · 13/12/2024 21:30

CallyCC · 13/12/2024 21:23

We are looking to buy a property that has no upwards chain. Our potential buyer has 2 people below them, presumably including FTB at the bottom of the chain.

"looking to buy" - does that mean you haven't found a property to buy yet? Or haven't had an offer accepted yet?

If you get an offer from the buyers you are talking about in the next few days and that completes the chain, then you might be in with a chance. But if your onward purchase isn't fixed yet then it sounds unlikely to me.

Original poster
CallyCC · 13/12/2024 21:37

We have found a property and had made an offer, but had to withdraw it when our previous buyers pulled out. The property is still available and they are keen to sell, it is their 2nd home.

OP posts:
littlemissprosseco · 13/12/2024 21:38

Why did you have to withdraw? Just find another buyer for yours

ohtowinthelottery · 13/12/2024 21:43

My DC has just completed as a FTB on a property they offered on mid September. There was no upward chain either. So 3 months with no chain and no issues.

SaidItFromMyCoffin · 13/12/2024 21:52

On month 8 of our purchase and it’s been the worst, most drawn out, horrific ordeal. We’ve still not exchanged.

Marmitethedog · 13/12/2024 22:34

Oh ouch OP I feel for you.

I am wondering tho if March 31 deadline is a total deal break if missed? If my sale goes over this date (you never know) I imagine that I drop my price to account for the buyers’ SDLT rising and my seller needs to do the same and so does their seller etc? It’s a policy in part designed to cool the market down a bit and we can all be sensible about that?

Twiglets1 · 14/12/2024 05:48

If you get an offer before Christmas & the chain is complete then it is realistic to aim to move by 31st March. Not guaranteed of course but realistic, as long as everyone in the chain is fully committed.

Tblock1800 · 14/12/2024 12:53

Were in the position where we have our place on market and are looking to upgrade buy a new house once we have an offer. We have come to the decision that likely we won't be sorted by the deadline, so have set aside our equity budget minus the 2k we will probably have to pay for extra stamp duty. It's a load of shite but what can you do? if you want to buy a home, this is what you have to do. I would budget for it so you don't get any surprised and if miraculously you complete before, you get a bonus of an extra 2k + saved

Bluevelvetsofa · 14/12/2024 16:10

We accepted an offer on 5th August and moved on 11th November. FTB at the bottom of the chain, our buyers and we bought a new house.

Original poster
CallyCC · 14/12/2024 17:01

The offer that came in today was way too low for us to accept. We will see if they make an increased offer. We aren't particularly worried about beating the deadline, but given that the buyers were asking for it, wanted to see what people thought. Thanks for everyone's experiences.

OP posts:
Doggymummar · 14/12/2024 17:03

It's 8-12 weeks is t it from offer to moving, it has that changed.? I lady sold in 2014 so it could have.

pooballs · 14/12/2024 17:08

We’ve just exchanged contracts- it took 10 weeks from the offer to this point. Chain of 3 properties and everything pretty smooth. Had to constantly chase and push solicitors but I think that’s normal.

So much is down to luck and chance though.

SaidItFromMyCoffin · 14/12/2024 21:30

Doggymummar · 14/12/2024 17:03

It's 8-12 weeks is t it from offer to moving, it has that changed.? I lady sold in 2014 so it could have.

We are in month nine and I’m so fed up with it!

Twiglets1 · 15/12/2024 06:00

SaidItFromMyCoffin · 14/12/2024 21:30

We are in month nine and I’m so fed up with it!

Show quote history

Yes but that is an unusually long amount of time, it’s normal to take 3-4 months.

Jolowmi · 15/12/2024 07:43

You and Yours on Radio 4 this week was discussing conveyancing times and said average length from offer to completion in England is 5 months. One of the commentators estimated that 59% of sales agreed in December could complete by the March stamp duty deadline. Worth a listen as it was suggesting factors that delayed or sped up a sale (usually obvious things like paperwork not being done quickly)

Marmitethedog · 17/12/2024 18:30

I’ve sold to FTBs and I’m in no way confident I could buy my next house by March 31. We’re about 2 weeks into conveyancing and Christmas holidays are approaching. I wish govt would exempt sellers whose purchases are agreed within a certain grace period. This feels so unnecessarily disruptive.

Marmitethedog · 17/12/2024 18:36

CallyCC · 14/12/2024 17:01

The offer that came in today was way too low for us to accept. We will see if they make an increased offer. We aren't particularly worried about beating the deadline, but given that the buyers were asking for it, wanted to see what people thought. Thanks for everyone's experiences.

I guess the risk is that as March 31 approaches the bottom falls out of the housing market as first time buyers hold back? Stamp duty hike adds eg £11k to a £540k house for an FTB. So wouldn’t they just offer £529k for that £540k house now or wait for the price to reduce to that in April? Am I missing something? If the lower offer just reflects the stamp duty increase for an FTB then personally I would take it at this stage. Some estate agents can’t get to grips with this but the sensible ones I’ve spoken to say it’s a great time to make reduced offers.

I am increasingly coming around to the idea of renting for 3-6 months then going in as a cash buyer.

What do we all think?

Whyherewego · 17/12/2024 18:37

If your previous purchasers had done searches etc then they can be resold to the new buyers which can speed things up. Same with particular of sale etc

EliCopter · 17/12/2024 19:00

If you’re aiming for completion before March 31 I would make it a condition of acceptance that they need to instruct a solicitor and surveyor within the first week. We sold earlier this year with no chain and the buyers only decided to get a survey done after 3 months. We were furious.