Barring any major surprises, it now really is the final countdown for the Stamp Duty holiday. Regardless of whether you’re a seller, a buyer, or both, organization will help you meet (or even beat) that deadline. Here are some tips to help.
If you’re selling and don’t have any offers
If you’re selling and you (still) don’t have any offers then you need to up your marketing game quickly. To begin with, make sure that your listing shows potential buyers everything that might interest them. Show and tell. In other words, make sure you have plenty of pictures and/or video as well as informative text.
In particular, highlight your ability and willingness to meet the Stamp Duty deadline. For example, mention the fact that you have already organized the necessary documentation. If you’re definitely moving, no matter what, mention that too. It shows buyers you’re serious.
Remember, you don’t have to stop at the options supported by the property portals and/or your estate agent’s website. For example, you could host a virtual home tour on YouTube (keep security in mind). You could also create videos to highlight the best features of your local area. In fact, you may not have to create them, you might be able to find them online.
You might also want to consider creating a website for your home. There are sites that will allow you to host a very basic website for free. You won’t get your own domain or any advanced functionality but you don’t need them.
If you’re selling and do have offers
Assuming you have more than one offer, choose your buyer astutely. In simple terms, the buyer who offers the highest price may not be the one with the best chance of making good on that offer. If your top priority is to beat the Stamp Duty deadline then you might want to play safe and go for reliability even if the buyer does offer a lower price.
Of course, in order for you to make an informed decision of any sort, you’ll need to know your buyers’ situations. If you’re working with a high-quality estate agent, they will take care of this for you and tell you everything you need to know. If you’re selling yourself then you’ll need to quiz customers yourself.
Online selling portals can be a bit of a grey area. Many of them now offer add-on services such as assistance from real-world sales agents. That said, you’ll have to do your own research on the quality of the service you can expect.
If you’re buying
If you’re buying then do your best to work with a seller who’s also motivated to help you beat the Stamp Duty deadline. Then make sure you do everything you can on your side to speed the process to completion. Here are three specific tips.
Get preapproved for a mortgage
For clarity, being approved for a mortgage “in principle” does not mean that a lender is committing to lending you up to that amount on any property. It is, however, useful guidance on how much you can borrow. As such, it is reassurance for a seller. It can also shorten the time needed for your eventual mortgage to be finalized.
Supercharge your mortgage application
From a buyer’s perspective, there are basically two parts to a mortgage application. The first is choosing your lender. The second is making the actual application. There is a third part, namely the approval process.
That happens at the lender’s side. As a buyer, however, you can speed it along by choosing the right lender and applying in the right way. A mortgage broker may be able to help with both points.
If you choose to apply directly, do your research very thoroughly and make sure you complete the application form exactly as you should. This may sound like stating the obvious but these documents can be lengthy and complex.
Get organized for conveyancing
Choose a conveyancer and be prepared to pay for quality and speed. Reviews my help here. Check that your preferred conveyancer works with your lender and see if they are a member of the conveyancing quality scheme.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage
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