Fast Track My Conveyancing before the April 2016 Stamp Duty ChangesWritten by homebuy1
Homebuyers and Buy to Let Property Investors could be caught in a surge of conveyancing transactions simply because of the Stamp Duty Changes that come into play in April 2016.
The Homebuyer Conveyancing panel has seen a dramatic increase in new instructions. The percentage of New Build and buy to let transactions is set to increase as many homebuyers and Investors want to beat the stamp duty changes. These changes are forcing Buy to let investors to find their investments and complete before the April Deadline. Failure to complete will result in an increase to their Stamp Duty Tax. Which has obvious consequences.
Many Investors buy property and change the configuration of rooms together with updating the property. These changes provide a platform to get improved rents. If investors are faced with higher tax then the immediate plans to buy the property and then prepare the property to meet the demands of the discerning tenant could be shelved.
To avoid delays Investors and Homebuyers caught up in the increase in conveyancing transactions should look at ways to reduce the complex process of conveyancing.
1) Make sure that your chosen Conveyancer has confirmed that they are instructed and can commence legal works. The commencement of an instruction is tied with Homebuyers and Investors returning their signed client care letter. Some Solicitors also take money on account so that searches can be purchased in good time.
2) Ask your solicitor if they have access to a fast turnaround of searches - the Homebuyer Conveyancing panel use onesearch direct where an express search solution can be provided.
3) Act swiftly and appoint a Surveyor -Use the results to plan your improvements and to maybe consider renegotiating the purchase price.
4) Try and establish your Vendors situation - Can they move out to help you achieve a fast completion.
5) Your Solicitor works to tight deadlines, be realistic with them and try and respond to their questions promptly. Remember they act for you so they want to complete as fast as possible.
6) Agree with your solicitor the type of updates you need. The majority of homebuyers and investors simply want to know when they can expect to exchange and then complete.
7) Consider taking out Exchange Insurance when you appoint your Conveyancer. This provides the much needed stepping stone to get a fast completion. Searches can be ordered literally on the day of instruction.
Fast completions require a full understanding on what needs to be done and by when. If you want a fast completion then start as you mean to go on.
Make an informed decison on who to instruct as your Conveyancer.
Top Tip - Does the Conveyancer need to be on your Lender approved panel of Conveyancers. If so then use the lender search filter when you are using our conveyancing tool to find the right Conveyancer. Make your move.
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