If you are a First Time Buyer looking to find and complete on a property in the next couple of months, you will probably be aware that you (and your Conveyancing Solcitor) need to effect a completion date of 25 March 2012 or before or you will have to pay Stamp Duty.
Over the past couple of years, First Time Buyers have enjoyed SDLT relief if the:
- effective completion date fell after 25/03/10
- property purchased at or below £250k
- property to be buyer’s only/main home;
- buyer has never owned property or land (even if co owned)
Read more on First Time Buyer Stamp Duty Relief
Is there any leeway on the SDLT Relief deadline?
Increasingly we are being asked whether there is any leeway and, understandably, First Time Buyers are often confusing contract signing dates, exchange dates and completion dates.
For the avoidance of doubt, the buyer must complete on the property purchase on or before 25 March 2012 to qualify for SDLT relief.
Neither the date of the contract signing nor the date of exchange of contracts will be taken into consideration.
What are Fridaysmove doing to push through purchases before the 'Effective Completion Date' deadline?
In short, all we can! Fridaysmove recommended conveyancing solicitors have always been selected for their proactive approach to pushing transactions through and in the lead up to 25 March we have set up a temporary 'FTB Stamp Duty Relief' department. A task force if you will.
This department will be staffed by our very fastest Conveyancers. Furthermore we have taken the unprecedented step of cancelling all Conveyancing Solicitor leave on the FTB Team between now and deadline.
What can First Time Buyers do to beat the SDLT relief deadline?
Assuming you have just found a property to buy or are about to get an offer accepted on a property, the best move you can make is choosing a proactive conveyancer. Time is now tight with under 2 months to go.
Fridaysmove will push hard on your behalf.
Even if you haven’t found a property to buy, we can still get you instructed and carry out all the normal checks a Solcitor must do before they can actually act for you e.g. the verification of identity process (we don't charge for this so it's a no brainer!).
Get an instant quote now for Solcitors fees for buying a house and be ready to go as soon as you get an offer accepted.
If you have any questions or concerned call us now on 033 0660 0286.