THE STAMP Duty Holiday has provided important financial support to Britons who are purchasing a home. But homebuyers have been warned about missing the key deadline which is just around the corner.
The Stamp Duty Holiday was implemented by the Chancellor Rishi Sunak as a way of offering a financial helping hand amid the COVID-19 pandemic. Usually, the Stamp Duty Land Tax (SDLT) is applicable in England and Northern Ireland, and must be paid on property or land which is over a particular price. To alleviate a financial challenge for homebuyers, Mr Sunak has set the threshold at £500,000, but only until March 31, 2021.
However, with demand rapidly increasing, and the wait for mortgage approval lengthening, there are fears many could miss out, including those who are already in the process of buying a home.
The Intermediary Mortgage Lenders Association (IMLA) and The Association of Mortgage Intermediaries (AMI), have issued a joint warning to buyers who are hoping to complete by the all-important March 31 deadline.
The organisations have urged Britons to consider the possibility they could miss out, and take this into consideration, as it could potentially cost buyers thousands of pounds.
People who have not factored this in could have to withdraw from their home purchase, but this could have a domino effect, and cause chains to collapse – creating further chaos.