Why you need to get your skates on

And while it might be a useful mantra when doing something mundane like mowing the lawn or some home DIY, it doesn’t apply to the housing market in Wigan right now.

The national lockdown and subsequent localised ones are causing delays in the home moving process.

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 need to get your skates on ....Now !

The Sunday Times recently published an article that said October 12 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 31.

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.

These are all essential components of most property transactions.
The newspaper said these Covid-19 related delays had caused a ‘Backlog Britain’.

Its sentiments were echoed by the property law website which says Pre-Covid-19 the time it took 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 25 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 still available.

Here are some tips to help you speed up the process if you are thinking of selling or buying a new home.

1. Make sure your agent provides a realistic valuation
2. Instruct a conveyancer on listing the property for sale.
3. Ask their conveyancer to review the property information forms and title and to identify any issues which might impact a sale.
4. The buyer should obtain a mortgage decision in principle ahead of putting an offer forward.
5. The buyer should instruct a conveyancer prior to making an offer.
6. Ensure your agent has fully qualified the buyer and any chain details

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

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