GetAgent reported this week that transaction times across the country have increased on average by 12 days compared to last year. Unfortunately, they went on to say that the West Midlands has seen the longest delays with transactions now taking 17 days longer to complete than last year.
Having reviewed our panel of conveyancing partners, we can confirm that locally the average transaction time is 80.25 days. So, if you want to buy or sell a property and beat the stamp duty deadline, statistically you need to have reached an agreement on or before the 10th January 2021!
There will always be exceptions, but our advice is as follows.
1. Before you view any properties, speak to a Financial Adviser and obtain an Agreement in Principle.
2. When you have found a new home, and your offer has been accepted, apply for your mortgage immediately and check that your preferred lender's turnaround times will work with your timescales.
3. Instruct a solicitor/conveyancer within a matter of days and advise them that you want to take advantage of the stamp duty exemption.
4. Return all the paperwork that you receive from your solicitor/conveyancer in a timely fashion.
5. Please keep in contact with the Estate Agent who has sold the property; they are there to help you!
6. Finally, do everything you can to find a home to buy before 10th January 2021.