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The clock is ticking to save on Stamp Duty

October 2020

Time is running out for you to save up to £15,000 in tax on your next home. The Stamp Duty Holiday is coming to an end on 31st March 2021. Don’t miss out.

We know that it may seem like an age away, but when buying a home, March will creep up very quickly. On average, it takes twelve weeks to close on a property after an offer has been accepted…

This includes securing a mortgage, conducting surveys and completing all legalities and paperwork. Each stage in the process has the potential to cause delays and, when the market gets busier, this period could be extended as other buyers rush to get a deal finished.

When the policy ends, in less than six months, you’ll need to have completed a deal and exchanged contracts to qualify. 

What is Stamp Duty?

Stamp Duty Land Tax (SDLT) is a tax on property and land purchases and can make a significant difference to the cost of your house purchase. If you’d like to read more about Stamp Duty and see how much you could save now, head to our Stamp Duty Calculator.

What is the Stamp Duty Holiday?

Back in July, when the Government announced a Stamp Duty Holiday, house sales increased immediately as thousands of buyers seized the opportunity to save a sizable sum of money. 

However, with the policy coming to an end in March 2021, the time left in which to take advantage of the policy is running out.

If you’re looking to purchase a main home under £500,000, today you will pay absolutely nothing in Stamp Duty Tax. You must have completed your purchase by March 2021. If it takes an average of 12 weeks to complete on a home, you must have your home purchase finalised by 6th January 2021. Factor in the usual delays and the festive season and you don’t have very much time left at all…

You have a few months left where you’ll pay no Stamp Duty Tax on your new home. Take advantage of it.

Contact your local branch

To find out about stamp duty savings or for further advice, get in touch today.

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