The extension will last until 30 June 2021 for residential properties up to £500,000 and then to 30 September 2021 for residential properties up to £250,000 but does not apply to buy-to-let properties; so, the following applies only to buying a property to be your main residence.

Until 30 June 2021 Stamp Duty is not charged on the first £500,000 of the purchase price, with a rate of:

• 5% between £500,001 – £925,000;
• 10% between £925,001 – £1.5m; and
• 12% on any value above £1.5 million.

From 01 July to 30 September 2021 Stamp Duty is not charged on the first £250,000 of the purchase price, with a rate of:

• 5% between £250,001 – £925,000;
• 10% between £925,001 – £1.5m; and
• 12% on any value above £1.5 million.

On 01 October 2021 Stamp Duty is not charged on the first £125,000 of the purchase price, with a rate of:

• 2% between £125,001 – £250,000;
• 5% between £250,001 – £925,000;
• 10% between £925,001 – £1.5m; and
• 12% on any value above £1.5 million.

Buying and selling a property does not take place overnight, we urge you to take action now if you wish to take advantage of this opportunity.  Do not miss the deadlines and miss out on a potentially large saving when buying your home.

Due to an increase in property transactions nationally, there may be significant delays in the results of Searches being received from the relevant Authorities.

The issue of Mortgage Offers by Lenders may also be delayed due to their volume of work.

These delays may have an impact upon when a transaction can be completed.

This reflects the current position. We are not aware of any possibility of these time limits being further extended in the future.

Please contact us on +441213184707 if you are buying or selling a property, where a member of our experienced and helpful team will be able to assist you further. Please also see the ‘Moving House’ section of our website to see the full range of serves that we offer.

Rishi Sunak has announced that the move will benefit nine in ten homebuyers and will save £4500.00 on the average house purchase. The new measure will last until 31 March 2021 but do not apply to landlord’s buying buy-to-let properties.

Prior to this announcement, Stamp Duty was payable on residential properties over £125,000, unless you benefitted from a first-time buyer exemption. Currently, stamp duty is not charged on the first £125,000 of the selling price, with a 2% rate between £125,001 – £250,000, 5% on the next £251,001 – £925,000, 10% on £925,001 – £1.5 million and 12% on any value above £1.5 million.

This means for example that if you purchase a property for £350,000, the stamp duty payable would usually be 0% on the first £125,000, 2% on the second £125,000 (£2500) and 5% on the final £100,000 (£5,000). This means that the Stamp Duty Land Tax payable would be £7500.00 in total. Under the new measures announced today, this would not be payable during the Stamp Duty holiday period, saving the buyer £7500.00 in this example.

These measures are temporary, and as buying and selling a property does not take place overnight, we urge you to take action now if you wish to take advantage of this opportunity. Do not miss the deadline and miss out on a potentially large saving when buying your home. Please contact us on +441213184707 if you are buying or selling a property, where a member of our experienced and helpful team will be able to assist you further. Please also see the ‘Moving House’ section of our website to see the full range of serves that we offer.

The residential property team at RMP has continued to operate throughout the crisis on the transactions allowed which means that as a team we are ready to act on your transactions immediately.

You can call us on +441213184707 for a quote or further information. We look forward to helping you move to your next home!

Agree either directly or through your estate agent that your transaction can be deferred.

It’s a good idea to have a two-step process so that you delay the move until the end of the current stay-at-home period and the requirements about physical distancing, but with the ability to extend that timescale if the government restrictions are extended.

The clause should state that once the restrictions end there will be a period of time agreed before you move to enable everyone to get ready for the move. This might be one or two weeks. Make sure the timescale will give you enough time to find removals and arrange your move especially in circumstances where there is likely to be an increased demand for these services.

There’s a formal process required to effect a deferral of a completion date which will involve your conveyancer exchanging agreements on your behalf with the other party to confirm the new arrangements.

If you’re buying a property with a mortgage you should check whether you will need written confirmation from your lender to this extension. (Lenders generally have agreed to extend mortgage offers by three months).

Consider what would happen if your circumstances change during this period, for example, would you still be able to afford the mortgage if you lost your job and had to find new employment?

You should also consider that property values will fluctuate during the period of deferral and this might impact your lender’s ability to lend. This will be particularly important if your mortgage makes up a large proportion of the house price, perhaps 60% or over.

If you’re both buying and selling, bear in mind that if your own buyer or seller’s circumstances change, and they need a mortgage, they may not be financially able to proceed with your transaction at the end of the restrictions.

You should also bear in mind that even when the restrictions are removed there may be other unavoidable delays in your move, perhaps if someone in the chain has died and their estate needs to be settled before the move can be completed. In that case you could agree a further delay or seek to end the contract.

Advice for clients who have not yet exchanged contracts

You can still continue with your transaction and should take this time to work with your conveyancer to progress the transaction and to read through the reams of documents involved in moving house.

You should think very carefully before instructing your conveyancer to exchange contracts, even where completion is a long way off, as the contract will be binding, and you would have to complete even if your financial position had changed.

You should make sure that if you do instruct your conveyancer to exchange, that they have incorporated a suitable clause in the contract to deal with any ongoing risks caused by the virus.

Advice for clients who have to move during the stay-at-home period and the requirements about physical distancing

You should only move during the restrictions if your move is critical and it is safe to do so, for example, where the property is empty. If the empty property is in a chain, it may not be possible to complete without breaking the chain.

You must follow advice from Public Health England and Public Health Wales on social distancing and must not endanger yourself or others during your move.

You should complete a deep clean if you are moving to a new home and must follow the advice given for decontamination of your new home if you know, or have reason to believe, that the previous occupants, or someone which they had been in contact with, has coronavirus.

You can find the full article on the Law Society website at https://www.lawsociety.org.uk/support-services/advice/articles/guidance-to-conveyancers-advising-clients-on-house-moves/ .

“Consumers need to know more about the process for home buying and selling, including and understanding the information they should be looking for,” said Law Society president Christina Blacklaws.

“The Law Society is committed to making the process more open, transparent and efficient. We are working with government and other stakeholders to make improvements – including contributing to the creation of the guides.

“Having a common point of reference for consumers will help them navigate successfully navigate what can often be a complicated and stressful process.

“Professionals and consumers can now refer to the same standardised set of guidance.”

The guides, which include detailed steps on how to complete a property transaction, where to find further information, and the organisations which can help, can be found on our “Moving House” page.

“Buying or selling a home is one of the most important decisions people will make. The more information that is provided early in the process the more likely it is that they will be able to make informed choices and crucially, to avoid the common pitfalls.”