According to a recent study carried out by Unbiased, the finance advice platform, homeowners who move before the Stamp Duty holiday deadline of 31st March 2021, will save on average £2,000.
The changes brought in to stimulate the economy are likely to benefit homeowners, as Stamp Duty is typically not paid by first time buyers. Therefore, second-time buyers, landlords, property investors and people who have previously purchased a property, including those seeking to downsize, will benefit the most.
However, the temporary change does suggest if you are hoping to move within the Stamp Duty holiday period you will need to act fast. Nick Attwell, founder of local property law firm, Attwells Solicitors, said: “Selling a home can take up to 140 days. This is the equivalent to five months from agreeing price to completion. Of course, this does not take into consideration the time spent waiting for an offer or any time lost due to a sale falling through.”
To help speed up the conveyancing process, Attwells Solicitors has introduced a new conveyancing service, Move Ready. The free conveyancing service, for those who instruct Attwells to undertake their conveyancing, will effectively allow homeowners to start the conveyancing process early, before their house is even on the market. With no legal fees due until the completion, there is also no financial risk or penalty if your sale is delayed.
The benefits of Move Ready are that many of the legal requirements will be completed prior to an offer being made. This includes ownership documents, planning and building regulation paperwork plus any guarantees in addition to a full set searches being provided.
In 2019, one in four of all house sales in England and Wales fell through before completion, according to an article published by the Mortgage Finance Gazette.
Typically, property sales fall through due to a lack of information, Nick Attwell, who has been a property law expert for more than 20 years, added: “Often a sale collapses because of an issue discovered during the conveyancing process. This could be anything from lack of a planning consent to land that is not registered in the seller’s name. Consequently, having upfront information about the property will greatly reduce the chances of your sale falling through.”
Therefore, it’s understandable why the upfront provision of information is widely supported, including by TV property experts Phil Spencer and Kirstie Allsopp who recommended in an interview for the Sunday Times to get your solicitor to pre-prepare a contract, so when you agree a deal, it can go out.
If you would like to move home before the stamp duty holiday deadline of 31st March 2021, simply visit www.attwells.com/readymove to start your risk-free conveyancing process today.