Article Author Mark

Move Quickly to Enjoy the Land Transaction Tax Break!

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Be sure you don’t miss out on the savings from the Land Transaction Tax Break in Wales. Homes are selling fast and achieving record-breaking prices, but there is a problem with the system, and it is only going to get worse!

Property market services, such as mortgage lenders, surveyors, conveyancing solicitors and payment protection providers are backed up. This backlog is causing unusual delays in the property selling and buying process. These delays are a combined result of the surge in demand that has arisen after lockdown restrictions were lifted, as well as changes in staff levels or operating procedures, such as furloughed staff or home working.

In normal circumstances, with no backlog or staff shortages, it might take around eight weeks to find the right property, and then an additional period of between eight to ten weeks for conveyancing.  With current delays across many of the services, this time frame is being dramatically extended, moving estimated completion dates near to the end of the stamp duty holiday period. With the end of the furlough scheme in sight, delays may increase further if staff in the property sector get laid off.

There is a way of avoiding the delays when it comes to property searches, conveyancing, surveys, mortgage valuations and local authority searches… Choose your property professionals carefully!

Estate Agent:

To get the process started quickly from the very beginning you need to choose an estate agent who is ready hustle along at the same speed that you are. From being available to value the property through to being ready for viewings; your agent needs to be there, open, and ready to go to work for you!

Surveyor: You may be in a hurry to buy, but rushing ahead with a purchase without ticking all the boxes in the purchase process can be a costly mistake. Be sure not to overlook any steps, such as instructing a surveyor.

High levels of activity in the market can tempt buyers to complete a purchase without a survey, or with just a mortgage valuation. It is always best to go into a purchase with your eyes open, to easily avoid something that cannot be rectified further down the line.  You may think that by avoiding the survey you can speed to process along, but it will not be worth it in the long run!

Mallard Estate Agents have a team of estate agents and a team of chartered surveyors who are open, fully operational and very keen to get working for you! Our teams want to get you through the selling or buying process quickly and efficiently, to enable you to take full advantage of the government’s stamp duty tax cut. We are currently taking appointments one week in advance and you can contact us now to book a sales consultation or survey <<here>>.

We’ll leave the final word on this to our director Jason Williams: “Now is the perfect time to take advantage of the Land Transaction Tax break in Wales, so ring us now to get your home sale started, or to book a survey on your new home purchase.”

Article Author Mark


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