When Chancellor Rishi Sunak announced the temporary stamp duty exemption back in July, there was excitement in the air. Those who had been thinking of moving in a few years started to have discussions on whether they should do it sooner. Families who had felt like the walls were getting smaller around them during lockdown began to dream of more space. But are you on track to sell your home before the stamp duty deadline on 31 March 2021?
Where should I be?
If your home is already on the market, you are on your way. If you haven’t listed your property yet, you need to do so as soon as possible to ensure that you can move without the additional stamp duty.
Listing your home is one thing, finding your next one is another, so don’t wait – you can be actively searching for properties while buyers are viewing yours. The more you can do to actively help your sale and purchase move forward, the greater the chance you will be relaxing in your new abode without fear of the approaching deadline.
What is the exemption?
The Stamp Duty Land Transaction Tax is tax that is payable when you purchase a property over £125,000 or, if you’re a first-time buyer, over £300,000. There is now a temporary holiday on stamp duty, which means you will pay nothing for any property up to the value of £500,000, meaning you’ll in your pocket when you move.
For example, if you sold your home for £500,000 and it was your main residence, prior to the stamp duty holiday you would have had to pay £15,000 in stamp duty tax – now that bill is zero!
It’s no wonder that we have seen an influx in sellers when the cost of moving home is reduced by such a large sum.
What can you do?
Let’s start at the beginning, with choosing an estate agent. There are many to choose from locally, but before you rush into a decision, please do your homework. Remember, you’re on a deadline, so look at which agent is selling homes – not listing them, but selling them. Contact those agents you’re interested in as a buyer, this will show you what the experience will be like for any potential buyers for your home. Are they taking all your information, listening to what you’re looking for, and providing you with properties that may be of interest? Ask questions, challenge them on their service, and you will know who you think is the right fit to sell YOUR home.
Get the price right
When choosing an estate agent, don’t be lured by one who is suggesting they can sell your home for a higher price, unless they can prove it with recent sales. Getting your price right from the start, a price that is realistic in the current local market, will help ensure that you sell your home quickly and for a great price.
If you’re wanting to take advantage of the stamp duty holiday, please get in touch. With just one call or WhatsApp message to 0118 466 0292, you can be on your way to seeing your house sold and enjoying the beauty that your new home offers by early next year.