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The chancellor considers ‘extending stamp duty holiday by six weeks’

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    #41
    Originally posted by Martin@AS Financial View Post
    Stamp duty holiday to be extended to the end of June

    https://www.financialreporter.co.uk/...d-of-june.html

    Very good news.

    I'm putting my flat on the market in April. Stamp duty holiday extension and lenders easing their affordability criteria and lending more money means my buyers can afford to pay more for my wee flat. Mmmm....I can already smell profits

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      #42
      You think there is a realistic chance of getting an offer, agreeing a sale and completing before the end of June? It's possible, but things are moving very slowly right now by all accounts.

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        #43
        Originally posted by mattster View Post
        You think there is a realistic chance of getting an offer, agreeing a sale and completing before the end of June? It's possible, but things are moving very slowly right now by all accounts.
        Depends on a number of factors. It could be possible but I too would be sceptical.

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          #44
          Originally posted by mattster View Post
          You think there is a realistic chance of getting an offer, agreeing a sale and completing before the end of June? It's possible, but things are moving very slowly right now by all accounts.
          Depending on which bank you go to, you can potentially get a mortgage offer within a week (the lender is happy to lend to you and on the property).

          Whilst there are always a lot of plates to spin, as long as you and your vendor have good solicitors in place and a bit of luck getting the searches back from the local authorities, I would say you have a reasonably good chance of being able to complete by the end of June.

          I would of course budget having to pay the previous stamp duty rates rate and treating the saving as a bonus if you do manage to complete in time. The savings can then either be put back into the war chest for a rainy day, use the 10% overpayment facility of the mortgage and pay it straight off the capital or like Whorty, a new bike.

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            #45
            Yeah, possible maybe, although he mentioned putting his property on in April. I have read that some local authorities are taking 10 weeks just to do the searches!

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              #46
              Originally posted by Martin@AS Financial View Post

              Depending on which bank you go to, you can potentially get a mortgage offer within a week (the lender is happy to lend to you and on the property).

              Whilst there are always a lot of plates to spin, as long as you and your vendor have good solicitors in place and a bit of luck getting the searches back from the local authorities, I would say you have a reasonably good chance of being able to complete by the end of June.

              I would of course budget having to pay the previous stamp duty rates rate and treating the saving as a bonus if you do manage to complete in time. The savings can then either be put back into the war chest for a rainy day, use the 10% overpayment facility of the mortgage and pay it straight off the capital or like Whorty, a new bike.
              This ..

              Too many are buying 'up' based on the £15k saving they are getting, but if they find they have to pay the stamp duty then the property is too expensive for them.
              I am what I drink, and I'm a bitter man

              Comment


                #47
                Originally posted by Whorty View Post

                This ..

                Too many are buying 'up' based on the £15k saving they are getting, but if they find they have to pay the stamp duty then the property is too expensive for them.
                I think that for many buyers, the £15k saving makes it possible when it otherwise would not be, since this 15k is real (as opposed to borrowed) money, so they can stick it on the deposit. That either lets them borrow more, or perhaps even qualifies them for an mortgage that they otherwise would struggle to get with the current LTVs on offer (not that many over 85%, or not at good rates). Agreed that this is not a solid foundation on which to proceed..

                Comment


                  #48
                  Originally posted by PCTNN View Post

                  Very good news.

                  I'm putting my flat on the market in April. Stamp duty holiday extension and lenders easing their affordability criteria and lending more money means my buyers can afford to pay more for my wee flat. Mmmm....I can already smell profits
                  Depending how the extension works you, or your buyers to be precise, may not qualify. One option is the extension will only be for those who have an offer accepted by the end of March. If your flat doesn't go on until April then it may not qualify.

                  Of course, the extension may be exactly as now, so another hard deadline in June .... if the Tory plan is to get rid of Stamp Duty for another tax option then this wouldn't be a bad thing for them to do. Hit another hard deadline, get more public and business support to scrap stamp duty and bingo ... they can push their new tax through easier.
                  I am what I drink, and I'm a bitter man

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