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

[Whorty]

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.

[mattster]

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..

[Whorty]

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.

[mattster]

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!

[Martin@AS Financial]

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.

[ladymuck]

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.

[mattster]

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.

[PCTNN]

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

[ladymuck]

Thanks LM, just saw the Times story. Interesting that it talks about those who have had their mortgage approved, but nothing about cash buyers I'm assuming it will have to be something like, 'an agreed sale' to cover all buyers, but given this government it's also more than possible they can't even get this right and forget not everyone buys a house with a mortgage

I want that £15k in my pocket so I can waste it .... I certainly don't want the government wasting it on dodgy contracts I need that N+1 bike

I think your intentions for the money are putting it to far better use!

[mattster]

The bit of The Times that I can read says dishy Rishi is "preparing to extend". It's also on Sky News.

The Torygraph is also reporting an extension and mentions support for a staggered drop off.

Is it just me or does this government leak like never before? There literally isn't an announcement of any import which hasn't been trial-ballooned verbatim in the Tory-friendly media for at least a week beforehand. I think we can take it as read that this extension is incoming.

[Whorty]

The bit of The Times that I can read says dishy Rishi is "preparing to extend". It's also on Sky News.

Thanks LM, just saw the Times story. Interesting that it talks about those who have had their mortgage approved, but nothing about cash buyers I'm assuming it will have to be something like, 'an agreed sale' to cover all buyers, but given this government it's also more than possible they can't even get this right and forget not everyone buys a house with a mortgage

I want that £15k in my pocket so I can waste it .... I certainly don't want the government wasting it on dodgy contracts I need that N+1 bike

[ladymuck]

Friend of mine just emailed to say stamp duty is being extended ... but I can't see it on news anywhere and can't get hold of them to see where they saw the story. They heard extended to June. Anyone seen this?

The bit of The Times that I can read says dishy Rishi is "preparing to extend". It's also on Sky News.

The Torygraph is also reporting an extension and mentions support for a staggered drop off.

[Whorty]

Fingers crossed for you that you complete in time.

That's a serious bit of kit that.

Friend of mine just emailed to say stamp duty is being extended ... but I can't see it on news anywhere and can't get hold of them to see where they saw the story. They heard extended to June. Anyone seen this?

[Martin@AS Financial]

I hope that's true, but still a rumour until Sunak confirms.

It's not just about the conveyancing slowing the process down, with everyone trying to complete by the end of March there is not enough capacity in removals companies to actually move people, so even if you can complete by the end of March, you still can't move!

Still keeping fingers crossed for me, my buyer and the peeps I'm buying from. We each will save £15k .... don't know about the others, but my cash will be spent in the economy so still 'good' for the UK

I'm tempted to get this : https://www.rutlandcycling.com/bikes...B&gclsrc=aw.ds

To compliment my 2020 Expert Roubaix

Fingers crossed for you that you complete in time.

That's a serious bit of kit that.

[Whorty]

Stamp duty holiday to be extended to the end of June

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

I hope that's true, but still a rumour until Sunak confirms.

It's not just about the conveyancing slowing the process down, with everyone trying to complete by the end of March there is not enough capacity in removals companies to actually move people, so even if you can complete by the end of March, you still can't move!

Still keeping fingers crossed for me, my buyer and the peeps I'm buying from. We each will save £15k .... don't know about the others, but my cash will be spent in the economy so still 'good' for the UK

I'm tempted to get this : https://www.rutlandcycling.com/bikes...B&gclsrc=aw.ds

To compliment my 2020 Expert Roubaix