Yesterday, 30th June 2021, marked the end of the main Stamp Duty holiday in England and Northern Ireland.  It was introduced in June 2020 with the aim of boosting the property market and helping buyers whose finances had been affected by Covid.

It is estimated that over 500,000 residential purchases have completed in the 12 months since the scheme began.

There are still savings in place, but the tax holiday is now being tapered and will return to the original rates on 1st October 2021.

First time buyers will not need to pay Stamp Duty on purchases up to £300,000.00.  For properties over £500,000.00 there is no Stamp Duty on the first £300,000.00 with 5% being charged on the amount remaining.

Current Stamp Duty rates are:

• £0-£250,000 = 0%
• The next £675,000 (the portion from £250,001-£925,000) = 5%
• The next £575,000 (the portion from £925,001-£1,500,000) = 10%
• The remaining amount (the portion above £1,500,000) = 12%

After 1st October 2021 Stamp Duty will be payable on all purchases at the following rate:

• £0-£125,000 = 0%
• The next £125,000 (the portion from £125,001-£250,000) = 2%
• The next £675,000 (the portion from £250,001 to £925,000)= 5%
• The next £575,000 (the portion from £925,000-£1,500,000) = 10%
• The remaining amount (the portion above £1,500,000) = 12%

Buying a house is not a quick process and there are many steps required to ensure you are buying exactly what you think you are buying.  The time to instruct a solicitor is when you have had an offer accepted.  Your solicitor will request the relevant searches for that property (if required and in accordance with your Lender) such as drainage, environmental, mining and local authority etc.  They will also draft the contract, arrange exchange and completion.

You should also instruct a surveyor to do a survey, either a home buyers report or a full structural survey.  If you are buying a new build, it may be worth having a snagging survey done.

The timeline to completion varies and is dependent on many factors from enquires being raised and answered, receiving proof of funds, receipt of searches and finding a completion date to suit you, your seller and anyone one else in the chain.

The service KBL’s specialist property team provide on a purchase includes:

• Liaising with the estate agents.
• Checking title and protocol forms.
• Submitting relevant searches and checking results.
• Raising enquiries with the sellers’ solicitors.
• Receiving mortgage instructions and liaising to obtain funds in time for completion.
• Completion of necessary documentation for exchange.
• Confirming completion, paying SDLT and dating of all necessary documents.
• Registering the transfer deed at the Land Registry

For a free quote please use our conveyancing calculator, email enquiries@kbl.co.uk or speak to one of the team on Bolton 01204 527777 or Blackburn 01254 268790.