The stamp duty holiday has led to a boom in the property market this year. Earlier this year the UK was plunged into lockdown due to the coronavirus pandemic, which saw the property market put on pause. Pent-up demand and the introduction of the stamp duty holiday in July have kept house prices buoyant.
The SDLT holiday is due to end on March 31 next year after beginning at the start of July.
The deadline has led to a backlog of transactions with buyers madly rushing to complete sales before the end of March.
According to an expert, some of the ways people are being rushed is by skimping on surveys with important issues going unnoticed.
Ray Harriot, the founder of Reliable Property Group, has explained why using an independent chartered surveyor is a priority, even if you want to complete a transaction before the SDLT deadline.
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It can happen at any time and often takes place when someone wants more for their property.
With more people looking to sell and buy before the stamp duty holiday comes to an end, gazumping someone can ensure you get a property.
Mr Harriot continued: “What happens sometimes is people get so emotionally attached to a property, that they overlook… the really important details.”
If someone really wants a property, and wants to complete the transaction before the stamp duty holiday, they can sometimes rush through a survey – something which is not advisable.
Buyers can end up missing some key problems which could cost thousands down the line.
Mr Harriot explained buyers need to make sure they have bought a house for the right price, have a lawyer who can transfer any title deeds, and most importantly hire an independent chartered surveyor.
“Who is going to make sure that property is in a position where you are able to make an informed decision?” he said.
Buyers need to make sure they don’t become “emotionally attached” to a property before they buy and remember it’s a big financial commitment.
“Making sure the property is fit for purpose and that you’re not over-exposing yourself,” he added.