Stamp Duty holiday extended to 30th June 2021
The recently announced three month extension to the stamp duty holiday means that buyers and sellers who had concerns over meeting the March deadline can breath a sigh of relief. The stamp duty holiday was announced following the end of the first lockdown and has fuelled the property market with buyers and sellers racing to move and secure the saving. However high demand during a period of prolonged lockdowns has caused huge delays with many sales taking months longer than normal to complete. We are still hearing stories of sales that were agreed during summer months still not reaching exchange or completion! Up until last week sellers up and down the country faced the prospect of losing their buyer and/or having to renegotiate their sale price to compensate for the much needed SDLT saving that most buyers will have added to their deposits. Whether this extension will benefit any new buyers hoping to complete in the next 3 month remains to be seen but with conveyancers pushed to the limit and with some unable to take on any new business the extension it likely to only benefit cash buyers who can avoid the need for searches, surveys and mortgages and buyers who have probably already been buying for the last 4 -6 months!
As cash buyers we can avoid the numerous hurdles that delay other buyers from being able to exchange and complete a sale quickly. We can often exchange contracts within 7 days without the need for any evasive surveys, third party approval and with with no mortgage required. We purchase a wide variety of properties from derelict buildings, to development sites, properties suitable to convert to flats, probate or executor sales to name a few. If you are thinking of selling, have been let down by a purchaser or would like to discuss the sale of a derelict property or one with development potential then please do not hesitate to give us a call.
