Following Government action earlier in the year, the nil band for stamp duty has been extended for property purchased up to £175k. However, this is a temporary measure with the concession expiring at the end of 2009. Therefore, to qualify for the savings property purchasers must complete their deals before 31 December 2009.
Conveyancing Alliance is urging mortgage brokers to generate a degree of urgency amongst their clientele who are purchasing property at prices up to the £175k threshold. It points out that those who buy property for between £125k and £175k, and complete before the deadline date, will save between £1,250 and £1,750.
Harpal Singh, managing director of Conveyancing Alliance Ltd, commented: “With just three months remaining before the nil band stamp duty threshold returns to £125k, many purchasers looking to buy a property below £175k could make a sizeable saving if they are able to complete before the deadline. While a saving of between £1,250 and £1,750 may appear small in the context of a much larger purchase price, this still represents a considerable saving for any purchaser. However, with deals taking on average three months to complete, time is running out before the end of December and therefore it is up to all parts of the chain to ensure the process works as efficiently as possible.
“Mortgage advisers are in a unique position at the centre of the transaction to help encourage all others be they the client, estate agent, lender or conveyancer to work at their optimum level to ensure the purchaser can benefit from this temporary measure. Advisers can also use this deadline to market their services to potential purchasers who may be considering buying but may be unaware of the advantages of completing before the end of the year.”
