Time is Money: How To Sell Your House Fast Before The Stamp Duty Holiday Ends
Following the recent Scottish Government announcement that the stamp duty holiday is over as of the 31 stMarch 2021, one question I keep getting asked is: how can I sell my home fast?
Time is money, the clock is ticking and, for those who want to benefit from the current reduction of Land and Buildings Transaction Tax (LBTT), now is the time to act.
THE CURRENT CHALLENGE
There is a real fear, from both property professionals and sellers, that there will be a surge in failed sales as buyers can’t get their sale completed ahead of the LBTT holiday deadline. Lockdown caused a huge backlog of cases along with a new wave of requests following the stamp duty holiday announcement in July last year. This significant spike put additional pressure on the professionals already battling the backlog.
Now, with just over two months to go until the holiday is over, the pressure is immense as every property professional is doing their upmost to get sales to completion.
HOW TO BEAT THE DEADLINE & SELL YOUR HOUSE FAST
As a seller, it’s crucial to move fast to ensure a quick sale and improve your chances of completion ahead of deadline.
Estate Agent Selection
Firstly, it’s important to choose the right Estate Agent. I would always recommend using a reputable company that has expertise in your area and a high success rate for selling properties similar to yours. Look at the properties they have on the market, ask them for examples of similar properties they’ve sold in the area. Whilst a good fee is a key factor, customer service and success rates are more fundamental for a fast sale.
The Price is Right
Now is the time to be realistic on the value of your property. Whilst we all want the highest price, over-pricing only prolongs the time a property is on the market. Always ask your agent for evidence to support their recommended price (this is not a valuation).
It is important to remember that it’s a Home Report that provides the crucial independent valuation which will then be used to market your property; although your agent can give you guide it is the valuation which is carried out by the surveyor within the Home Report which sets the price.
Home Buyers Report Scotland
Once you’ve committed to selling, sort out your Home Report as soon as possible! Anyone selling their property in Scotland must have a Scottish Home Report ready and available to potential buyers before the property goes on the market. This crucial pack provides information about the condition and value of a property.
Here at the Home Report Company, we have offices across Scotland and our highly experienced Chartered Surveyors, all regulated by the RICS, are available 7 days a week, at times that suit you. We also aim to deliver your Home Report within two working days, at competitive prices.
So get yours now to get your home ready sooner!
Find a Good Solicitor Early
Many of the larger Estate Agents have their own in-house solicitors so it’s worth considering this when making your decision on which agent to work with. Or if you’re looking for your own one, check their workload to ensure they have the capacity to take on your conveyancing ahead of deadline.
Choose the Right Buyer
Ensuring you have the right buyer has never been more important when up against a deadline. A good agent will do their due diligence to ensure the buyer is in a position to complete fast. Key things to consider include:
- Have they got a mortgage agreement in principle
- Have they got their solicitor sorted and ready for action
- Are they looking for further surveys
Be Prepared
Ask your agent how best you can prepare to help speed up the property sale. There may be copies of important documents you need so save valuable time and get these in order early.
Originally published at https://www.homereportcompany.co.uk on February 9, 2021.
