Nick Churton of Mayfair Office gives some important advice for all those rushing to buy or sell a property by 31st March next year.
When time is short, there’s always a quickie. A quick drink with friends or even a quick divorce can be very satisfying.
But now another quickie has entered our lives. Completing a property sale or purchase before the end of March next year could be worth a great deal of money in Covid19, stamp duty exemptions. After all, if you can’t enjoy a sunny or snowy holiday this winter then you might as well enjoy a lovely tax holiday instead. Think of it as a spa break for your bank account. But be quick, there is no time to delay.
Sadly, four months is not very long in property sale and purchase terms. Finding a property and a buyer, arranging searches, drawing up contracts and sorting out finance all mop up a great deal of time. So this quickie needs some careful planning and execution.
To beat the taxman, and thereby avoid one aspect of post-Covid normality that won’t be welcome, there is a particular measure you can take to speed things along: hire the A-team.
Choose a great estate agent: not just one who will find a buyer, but one who will see the sale through in time. Many people are unaware of the experience, tenacity, patience, charm, persuasion and sheer stubborn determination that estate agents deploy in order to ensure a sale goes through to completion. You pay a commission so you don’t have to find out.
Choose a great solicitor. In our digital age it is, perversely, taking longer to complete a property sale and purchase than ever. So, on a scale of effectiveness with an unmotivated, inexperienced and ill-trained conveyancer being a one and a hotshot city lawyer who regularly pulls all-nighters to get things done being a ten, you want to lean towards the latter.
Choose a great mortgage broker. Of course you can arrange a mortgage yourself, but in a race against time a broker will know where to go to speed things up and how to push things along.
An A-team might cost you a bit more. But it could be a drop in the ocean compared with the savings in tax if you beat the axe.
Moving will still be stressful, especially when working to a crucial deadline, but put the right team in place now and your worries will be fewer and your chances of success greatly improved.