Can I beat the March stamp duty deadline and buy a new home?

Homebuyers are facing a race to complete property purchases before stamp duty thresholds drop at the end of March. So it’s no surprise that the latest Rightmove house price index shows the number of buyers contacting estate agents about properties for sale since Boxing Day is already nine per cent ahead of last year and the number of sales being agreed over the same period is up by 11 per cent as people are keen to get deals done and save money. “Brokers and lenders are working hard to complete on as many affected cases as possible before 1 April, but there will no doubt be many which don’t beat the deadline.” Paula Higgins, chief executive of the HomeOwners Alliance, warns that if you haven’t had an offer accepted on a property by now, it is likely too late to complete a purchase before the stamp duty hike. Mark Harris, chief executive of mortgage broker SPF Private Clients, says: “Pay a good lawyer rather than using free conveyancing services and of course use a whole-of-market mortgage broker who can make sure you go to the right lender in the first instance and ensure your application proceeds as quickly as possible.” If you need to sell your property in order to purchase your new home, Thomas suggests inviting three estate agents who should all be recommended to you and ask them to give you realistic advice about the saleability and likely sale price. Higgins says: “A thorough survey can help you avoid costly surprises later, potentially saving more than what you’d gain from stamp duty savings.” Thomas says you should decide whether you need a building survey, drainage survey, electrical survey or any other inspections, tests or reports that your building surveyor or solicitor recommends.