Act now to complete on your house purchase by June 2021
On average, the time it takes to complete a property purchase is between 6-12 weeks. Throw in the festive season, and before you know it, March will be upon us. If moving is on your agenda over the coming months, then it may pay to be savvy and get yourself through your new door before Spring.
Back in July 2020, the Chancellor granted a stamp duty holiday to homebuyers in England and Northern Ireland. As we’ve previously reported, the average stamp duty bill for a main residence in London is £23,450, so this is one heck of a saving to pass up and could even mean you have a healthier deposit if you’d already made provisions to pay for this.
The temporary stamp duty reduction is applicable on property purchases up to £500,000. The scheme is not valid on any purchase for a second home whereby the higher rate 3% Stamp Duty Tax (SDLT) applies.
Housing demand is high
With the property market showing no sign of let up since the easing of lockdown, and Covid slowing things down somewhat, mortgage advisors are in demand and advising that you need to enter into conversations now, to stand a chance of completing before the deadline is upon us.
New lockdowns are also having an impact on the process, so don’t miss out on the opportunity to benefit from this unique offering. If you’ve had your eyes on a property recently, now is the time to get it for less.
What are you waiting for?
Mortgages do tend to take time, so understanding the process can help you get an idea of what’s involved:
Finding the right property
The first step to buying a home is finding a property that suits your needs.
Securing a mortgage
Most sellers and estate agents expect you to have a mortgage or agreement in principle (MIP or AIP) before making an offer. It proves you’re serious about buying. An MIP is simply a certificate that states how much a lender would be willing to loan to buy a house.
Making an offer
It’s common to receive feedback on your offer in 24 to 48 hours. If your offer has been accepted, you should ask the agent to take the property off the market immediately.
Instructing a surveyor
Discussions may include simple requests for information, survey findings and coordinating dates for the exchange of contracts. To make the process as smooth as possible, make sure you have all the paperwork and information you need.
Getting a survey done
Before you buy a property, you need to get it surveyed. This is an expert inspection of a home (documented on file), to identify any issues with a property.
Completing the purchase
Upon completion you will need to pay the various fees required for new homeowners.
These include:
Solicitor's fees
Estate agent's fees
Stamp duty - Unless you're buying a home worth less than £500,000 before the cut off date of 30 June, 2021.
Are you talking to a mortgage adviser yet?
If you’re looking to make your move, and are not in talks with a mortgage adviser as of yet, book an online appointment with Tony or start the process yourself with our online mortgage sourcing tool. Skyline Mortgage Consultants have a 5-star Google review rating and are highly recommended by many happy Londoners.
Whether you’re a first time buyer or looking to maximise the opportunity with a buy-to-let mortgage, we can help you get a foot in the door. You can also read our guide to improving your credit rating to start making improvements to your credit score as early as possible in the mortgage process.
Your home may be repossessed if you do not keep payments on your mortgage.
We charge an administration fee of £395 for any property purchase or remortgage. This is payable on application.
Skyline Mortgage Consultants Limited is an Appointed Representative of The Right Mortgage Ltd, which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy-to-Let. Skyline Mortgage Consultants LTD registered in England and Wales Number 8157062. Company Registered Office: Heathmans House, 19 Heathmans Road, London SW6 4TJ.