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Stamp Duty Extension – What you need to know about submitting your cases.

Stamp Duty Extension – What you need to know about submitting your cases.

 

 

 

 

 

 

 

 

 

 

 

 

 

On the 3rd March this year the current Chancellor, Rishi Sunak, announced the extension of the Stamp Duty Land Tax Incentive on all properties up to £500,000 until 30th June 2021. With a further extension for properties up to £250,000 until the 30th September 2021 to allow for a smooth transition back to the normal nil rate band for properties up to £125,000 on the 1st October 2021.

 

The impact of homeowners and landlords taking advantage of this incentive has put a lot of pressure on different areas within the market, such as local searches and physical valuations, and this extension will continue to do so.

 

With the increased volume of mortgage applications submitted as buyers seek to maximise this benefit of the extension, we are unable to guarantee that all cases submitted will be completed by the SDLT date of June 30, 2021. We are working assiduously to ensure as many cases are completed and should you have a set deadline for completion; please inform the Keystone team by adding a note on the case via the MyKeystone portal upon submission. 

 

What can you do to help your clients complete before the stamp duty deadline?

 

  • Review lenders service and turnaround times, ours can be found on our website homepage and the MyKeystone broker portal.
  • Check the timeframes of searches within the area, you can find a list for all local council’s search times which are regularly updated on the Searchflow website below.

https://www.searchflow.co.uk/news-and-events/personal-searches-turnaround-times/

  • Ensure all required documents have been uploaded to the case and that all details match the full mortgage application. If you are unsure about what documents you need then check ourDocument Requirements guide.  
  • Discuss with your client whether it is appropriate to instruct the valuation at the same time as the full mortgage application.

 

If you have any questions or need any assistance with your case enquiries our Business Development Managers here to help, call the broker hotline on 0345 148 9086 or email enquiry@keystonepropertyfinance.co.uk