Who else is trying to move before the stamp duty freeze ends?

[mickey68]

We accepted an offer on the 4th August and we move on Friday 🤞We are moving to a new build and we have first time buyers so a short chain. Completion was originally looking at 2 weeks ago but their solicitor has been very slow and difficult to get hold of in the last few weeks. Even so it will be just short of 3 months which is what the agents told us last year when we first had the house valued. Good luck in your search!

[Guest]

Originally Posted by Tinkerbell 1

According to today’s mortgage trade press if you went to take advantage of the stamp duty holiday you really need a complete chain by 1st Nov.

Everything is taking so long at the moment particularly if there are mortgages involved. Some lenders are quoting 6 weeks to underwrite a mortgage for someone who is self employed, time time line for surveys is getting longer due to capacity issue and lockdowns are not helping. We’ve just been told no physical surveys in Wales during lockdown. Add to that Christmas and I can see why a complete chain by 1st November is being suggested.

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Complete chain as I’m ready to move in?
That makes no sense .
The stamp duty holiday finishes in March so if this was the case they’d say it finishes in November if you can’t purchase a house and get the duty freeze after this date.
Our chain will complete mid November and we are still getting the stamp duty break .
Or do you mean you should enter a chain by 1st of nov so your chain is complete by the cut off date ?

[Sas]

We sold on 24 July In a day, all surveys and searches done on the house we're buying. We were hoping for completion in a week or two but just had a call to say the people we are buying the house from have pulled out if there sale so they now have to find another property to buy. I think we will loose our buyers 😭. I am gutted and sick of living in limbo ☹️ x

[Tinkerbell 1]

Originally Posted by FizzyWhip

Complete chain as I’m ready to move in?
That makes no sense .
The stamp duty holiday finishes in March so if this was the case they’d say it finishes in November if you can’t purchase a house and get the duty freeze after this date.
Our chain will complete mid November and we are still getting the stamp duty break .
Or do you mean you should enter a chain by 1st of nov so your chain is complete by the cut off date ?

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The “suggestion” is you should have a complete chain by 1st Nov. It’s not a requirement but the article was quoting average time for valuations, mortgage offers etc. You could get a chain ready in Feb and it may go through.

Today we’ve been advised no surveys in Wales for the duration of their lockdown. This is probably the sorts of issues lenders/conveyancers are working into their timeline.

[Guest]

Originally Posted by Tinkerbell 1

The “suggestion” is you should have a complete chain by 1st Nov. It’s not a requirement but the article was quoting average time for valuations, mortgage offers etc. You could get a chain ready in Feb and it may go through.

Today we’ve been advised no surveys in Wales for the duration of their lockdown. This is probably the sorts of issues lenders/conveyancers are working into their timeline.

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Right ok , to be fair you didn’t say “suggestion” in your original post which is why I was confused and also a little worried !

[Tinkerbell 1]

Originally Posted by FizzyWhip

Right ok , to be fair you didn’t say “suggestion” in your original post which is why I was confused and also a little worried !

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Erm, my original post said “Add to that Christmas and I can see why a complete chain by 1st November is being suggested.”

Even that doesn’t guarantee you’ll make the date thought. All you need is the chain to collapse as above and it’s back to square.

Still, I have fingers crossed for everyone trying to move, it’s stressful at anytime let alone in a global pandemic!

[Guest]

Originally Posted by Tinkerbell 1

Erm, my original post said “Add to that Christmas and I can see why a complete chain by 1st November is being suggested.”

Even that doesn’t guarantee you’ll make the date thought. All you need is the chain to collapse as above and it’s back to square.

Still, I have fingers crossed for everyone trying to move, it’s stressful at anytime let alone in a global pandemic!

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Not really the same thing but ok .

[boo2]

We are in the process of trying to move but are struggling to complete. There is a chance we may move on 4th November but if not the house will be back on the market again😢. We are in Scotland so the benefits from LBTT holiday are not as good as the stamp duty break but still better than nothing.
We sold at the beginning of August and our buyers told us they didn’t need to sell and were using savings and family money to buy. Turns out that wasn’t at all true, we waited for them to get a mortgage but they are struggling so I think it might all fall apart at the last minute😢.

[pompeyboy]

Originally Posted by Tinkerbell 1

The “suggestion” is you should have a complete chain by 1st Nov. It’s not a requirement but the article was quoting average time for valuations, mortgage offers etc. You could get a chain ready in Feb and it may go through.

Today we’ve been advised no surveys in Wales for the duration of their lockdown. This is probably the sorts of issues lenders/conveyancers are working into their timeline.

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My son has had an offer accepted on a house, they too have been told it will hopefully go through in time for the end of March. As you say with lockdowns and related issues, Christmas break etc. to contend with it could slow things down a bit.

I hope they are erring on the side of caution and hopefully it will be done long before then

[Tinkerbell 1]

Originally Posted by pompeyboy

My son has had an offer accepted on a house, they too have been told it will hopefully go through in time for the end of March. As you say with lockdowns and related issues, Christmas break etc. to contend with it could slow things down a bit.

I hope they are erring on the side of caution and hopefully it will be done long before then

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Fingers crossed for him 🤞