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Avoiding ‘Backlog Britain’

The national lockdown and subsequent localised ones are causing delays in the home moving process. So if you are thinking of moving and making the most of the Stamp Duty holiday which could see you save up to £15,000, you’ll need to get going soon, very soon…like right now!

The Sunday Times recently published an article that said October 12th was the deadline for people to put their homes up for sale if they wanted to complete the transaction before the tax holiday ends on March 31st.

It also reported that there were longer than usual delays when getting mortgage valuations, property surveys, local authority searches and having conveyancing work carried out. And this is very much what we’re seeing in mid Devon.

The property law website – Today’s Conveyancer – says: “Pre-Covid-19 the time it took (from the marketing of the property) to find a buyer was, on average, 79 days, and the total time from listing to moving into a property was 187. If that average holds, then by consulting your calendars you’ll know that September 25th is 187 days before March 31 next year when the property purchasing tax holiday is due to end.”

Either way, if it is October 12 or September 25, the key thing to do is to act now if you want to beat the backlog and move while the financial incentives are in place.

If you are thinking of selling or buying a new home here are our tips to help you speed up the process:

  • Sellers should instruct their solicitor/conveyancer on listing the property for sale to prepare a draft contract
  • Sellers should ask their solicitor/conveyancer to review the property information forms and title and to identify any issues which might impact a sale.
  • Buyers should obtain a mortgage decision in principle ahead of putting an offer forward.
  • Buyers should instruct a solicitor/conveyancer prior to making an offer.

So, it’s crystal clear, if you want to move before the March 31 deadline you need to act right now to give yourself the best chance.

We’d love to be able to help you achieve this and make the most of the busy market we’re experiencing in mid Devon – it all starts with a conversation so give us a buzz on 01363 777999.

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Estate Agents serving Devon with property related matters since 1699.

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