CPS Homes

List your property now to beat the LTT deadline

Nathan Walker, CPS Homes Sales DirectorIf you're thinking of moving and making the most out of Welsh Government's Land Transaction Tax (stamp duty) holiday – which could see you save thousands – you'll need to get a shift on!

Due to the national lockdown and subsequent localised lockdowns causing delays in the home-moving process, The Sunday Times recently reported that 12th October 2020 is essentially the deadline for people to put their homes up for sale if they want to complete before the tax holiday ends on 31st March 2020.

The report confirmed what we're seeing here in Cardiff: longer than usual delays when getting mortgage valuations, property surveys, local authority searches and having conveyancing work carried out.

To back this up, the property law website – Today's Conveyancer – says: "Pre-Covid-19, the time it took (from the marketing of a property) to find a buyer was, on average, 79 days, and the total time from listing to moving into a property was 187. If that average holds, then by consulting your calendars you'll know that 25th September is 187 days before 31st March next year, when the property purchasing tax holiday is due to end."

Whether it's 12th October or 25th September (today!), it's essential you act now if you want to beat the backlog and move while the financial incentives are in place.

Land transaction tax rates

25 September 2020

The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.

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