Best Time to Take Full Advantage of Stamp Duty Holiday

The firm Legal & General Mortgage Club has pointed out the best time for homeowners to take advantage of the current stamp duty holiday. The firm has pointed out that the market is currently finding its footing. There are delays in transactions, and processes will take longer than normal.

Thus, the firm advises that homeowners should begin their journey by November 1 to benefit from stamp duty holiday. If not, there will be higher chances for people to miss out.

This tax holiday from the government covers the first £500,000 of a property's value. The holiday is effective until March 31, 2021.

Kevin Roberts, director, Legal & General Mortgage Club, said: "The government's stamp duty holiday has helped to encourage many hopeful buyers to press ahead with their homeownership plans, providing a much-needed boost to the economy.

"However, those wishing to take advantage of the 'holiday' will need to plan carefully to avoid missing the March 2021 deadline, particularly if they have their property to sell first. Buyers should speak to a mortgage adviser when creating a plan as these professionals understand how to navigate the ongoing changes to the mortgage and home buying process."

"As homebuyers rush to take advantage of the stamp duty holiday, policymakers need to consider if tapering of the stamp duty deadline is needed instead of a hard deadline. We need to avoid those moving or purchasing a home missing out through delays after 31 March when the holiday ends."

Since reopening from the lockdown, the housing market has had a slight but hopeful revival. With the announcement of the stamp duty holiday, it has also helped improve the market interest.

The Legal & General Mortgage Club surveyed estate agents, surveyors, housebuilders and all other stakeholders to understand just how long the housing journey would take these days. The research found that it would take three to eight weeks in the process. Before the pandemic, a straightforward mortgage application for a consumer took less than two weeks.

Other elements of the housing sector are also experiencing drastic changes. Read the rest of the article here.