Beat the Stamp Duty Holiday Deadline - How To Speed UP the Sale of Your Property

Posted by Knight Frank Newcastle on 17th November 2020 -

The government has raised the stamp duty threshold in England and Northern Ireland to £500,000 until 31 March, 2021. This means that purchasers will pay no stamp duty on the first £500,000 of the property price.

As stamp duty is tiered, normal rates are paid on anything above the tax-free threshold. Those purchasing a family home as a main residence for £900,000 will save £15,0000 ( use our Stamp Duty Calculator to see how much you can save).

Taking into the account the average time is takes to exchange - around 12 weeks - buyers and sellers ready to act now should get themselves 'transaction ready' so that when it comes to making or accepting an offer, they leverage a strong position from the outset and exchange contracts well before deadline. 

Knight Frank's property experts offer some lesser known tips on how to speed up the conveyancing process. If you'd like to speak to one of our agents or search for property, find an office or start your property search today. 

• Fill out a property information form and a fittings and contents form (and if you are selling a flat, a leasehold information form) now. These documents form part of the contract paperwork that is sent to your buyer’s solicitor. The sooner you complete these forms, the sooner the buyer’s solicitor will have a full pack of information to work through and the quicker they will be able to raise and resolve any enquiries they have.

• Buyers should have a survey booked as soon as the offer is agreed. Bear in mind that the surveyor may not be able to visit the property immediately. This can save days, or even weeks. Forward a copy of the survey report to your solicitor immediately as they may have to raise further enquiries with your seller, depending on the results.

• Make sure your mortgage is secured before you offer - this is the single most lengthy process in the buying chain and should be agreed prior to offering on a property. Our in-house experts, Knight Frank Finance, can review the whole market to find the most suitable mortgage deal for you. 

• Specialist conveyancing solicitors (only dealing in property transactions) enable dedicated teams to deal with all the elements effectively and swiftly. Set a deadline for exchange and call your lawyer daily. If you don’t they may concentrate on someone else’s deal.

• Agree an exchange and completion date that all parties sign up to that way everyone knows when deadline day is.

• If you are in a chain, and need to sell a property in order to buy, ask the agent selling your home to send a weekly update to the vendor’s agent. That way the agent can update the vendor on your progress and shows that you are fully committed. 

• Second and third viewings with family members and measuring up for furniture is always a good sign and assures the seller that you are serious. 

• Putting your solicitor in funds for the exchange monies shows real commitment and intent. The funds remain with your solicitor on account until you give authority to transfer to the vendor.

• Get your local authority searches up front (not usual practice) - these are normally applied for by the buyer’s lawyer once a sale has been agreed and can take weeks to come back. By getting them up front, the sellers lawyer can have a full sales pack to send out once a sale is agreed and avoid delay.

• One thing that really can slow the process is Client Due Diligence ( CDD ) – i.e. doing the anti-money laundering bit with your agent and solicitor. Many buyers and sellers think that because they have verbally instructed an agent they can start to work on the sale but they cannot until this is in, approved and cleared. It takes time – so be organised and really do listen to the advice of your agent!

If you'd like to speak to one of our agents or search for property, find an office or start your property search today.