On 8th July 2020 the Chancellor announced a Stamp Duty Land Tax Incentive (a ‘Stamp Duty Holiday’ on the first £500k of the purchase price) on all residential property until 31st of March 2021.
Although 31st March may seem a long way off, if you are thinking of buying and hoping take advantage of the Stamp Duty Holiday please bear in mind completion of your purchase may take longer than you expect. Omni Finance will of course do all it can to expedite mortgage applications and avoid delays from lenders but the below are largely outside our control, hence the advice not to leave your purchase to the last minute:
Everyone is affected by coronavirus rules, and this includes lenders who may have staff working from home, hence longer turnaround times than usual
Valuations may be slower than normal
Solicitors are also affected and with some of their staff working from home their service may not be as efficient as normal
Also during the legal process, local land registry searches can cause hold ups. There is a big variation in turnaround times depending where your property is. When I checked the Searchflow website (which shows an up to date list of turnaround times for local searches for different local authorities) today the time varied from 1 day to 75 days