Stamp duty extended!
The Stamp Duty “Holiday” has been extended until 30th June 2021
This means if you are buying your only property (First Time Buyer or Next Time buyer selling your current home) you will not have to pay stamp duty as long as the property is no more than £500,000.
From 1st July the threshold drops to £250,00 and from 1st October we go back to £125,000
Is this good news?
If your purchase was delayed and you were trying to complete before the end of March you can breathe a sigh of relief. Solicitors and local authorities (who help with the legal searches) were very stretched trying to meet this March 31st deadline. This extension should help although you should make sure your mortgage offer will be within date and that it will not expire before completion
Any bad news?
There might be another rush of people trying to buy to get within the new extension date. This will result in extra strain on the local authorities and solicitors.
On the whole, house prices have been steadily on the rise over the last 6 months, this extension might see a temporary hike in prices
In the short term, we see this as a good thing and will hopefully help take any stress off our clients who have a completion deadline getting close.
Your home may be repossessed if you do not keep up with your mortgage payments