Would you consider an auction to take advantage of the stamp duty holiday?

The infrastructure that serves conveyancing is gridlocked – is there a way forward?

At times like these, more people are asking if there are alternatives to the traditional homebuyer’s journey that could be faster, so people won’t miss out on the stamp duty holiday savings.

Miles Robinson, head of mortgages at online broker Trussle says,

“Our own data has revealed that it currently takes around 115 days to get a mortgage and complete on a property in England.”

115 days is just over 16 weeks. Of course, for most people, getting a mortgage only becomes a consideration when they have a property in mind, so this is almost a best case scenario at the present time.

In the light of this information, should both vendors and buyers explore alternatives if they want to complete by the 31st March 2021 deadline? According to the Chancellor, the average house buyer will save £4,500.

With an auction, you could sell a property within just eight weeks, giving conveyancers the opportunity to transact more cases before the deadline.

When it comes to auctions, most people focus on not selling at the price they want. But setting a reserve price can remove this doubt. The real danger, of course, is in not transacting in time and having to find that additional £4,500 come April.

Property auctions have been increasingly more profitable for the seller

The Essential Information Group (EIG), one of the top sites in the UK for property auctions and related material, made an interesting statement in their October report:

“Not only is the industry coping with COVID-19 and all the challenges it throws up, but indeed increasing the value of sales, and demonstrating it has a robust way forward to continue selling by auction in these strange times.”

The total realised from auctions in September 2020 was £469,622,502 held over 77 auctions throughout the UK. Despite this number being down on the previous year, the amount raised through auctions enjoyed a significant increase.

The Quick Sale Ready Solution

Landmark has a range of Acceleration Services to help conveyancers. Get your properties contract ready as early as possible so completing the legal forms don’t mean delays later on. Complete your forms upfront via our Quick Sale Ready Service and provide the Buyer’s Pack as soon as the property is offer-accepted, so you get to case closed faster.

Quick Sale Ready includes our No Sale, No Fee service so you can reduce transaction time by weeks with no upfront payment required and no fee at all if there’s no sale. This is a great backstop for auction clients.

Get in touch and find out more > https://info.landmark-agency.co.uk/acceleration-services


This article was submitted to be published by Landmark as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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