Conveyancing Alliance is urging mortgage brokers to generate a degree of urgency among their clientele who are purchasing property at prices up to the £175,000 threshold. It points out that those who buy property for between £125,000 and £175,000, and complete before the deadline date, will save between £1250 and £1750.
Harpal Singh, Managing Director of Conveyancing Alliance, said: "With just three months remaining before the nil band stamp duty threshold returns to £125,000, many purchasers looking to buy a property below £175,000 could make a sizeable saving if they are able to complete before the deadline. While a saving of between £1250 and £1750 may appear small in the context of a much larger purchase price, this still represents a considerable saving for any purchaser. However, with deals taking on average three months to complete, time is running out before the end of December and therefore it is up to all parts of the chain to ensure the process works as efficiently as possible.
"Mortgage advisers are in a unique position at the centre of the transaction to help encourage all others be they the client, estate agent, lender or conveyancer to work at their optimum level to ensure the purchaser can benefit from this temporary measure.
"Advisers can also use this deadline to market their services to potential purchasers who may be considering buying but may be unaware of the advantages of completing before the end of the year. Stamp Duty mortgages may have been launched, however, the real delays in any home-buying process occur when offers have been accepted and the legal aspects of a deal are being sorted out.
"This is why it is important that brokers actively recommend quality conveyancing operations to ensure they are able to deliver a polished and professional service which meets the needs of their clients. At the moment when it comes to Stamp Duty savings, time is money."
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