With the property market abuzz over the next big hike in Stamp Duty, it’s more important than ever to have the facts at your fingertips—and to move quickly. At Attwells Solicitors, our expert residential property teams have already seen a surge in enquiries from buyers determined to finalise their purchases before the new increase kicks in on 1st April 2025.
Here’s why you should consider moving now and how we can help.
The government has announced that Stamp Duty rates will rise from 1st April 2025, increasing the upfront costs of buying a property. For many buyers—particularly first-timers and second homeowners—this could mean paying thousands of pounds more than if you complete before the new rates take effect.
Right now, you can still take advantage of the current Stamp Duty thresholds and rates. However, with property transactions taking weeks or even months to finalise, time is of the essence if you want to avoid the higher fees from April 2025 onwards.
Impact on Your Purchase
- Increased Costs: This change is likely to have a significant impact on your budget, whether you’re buying your first home or adding to an existing property portfolio. The extra funds you might have allocated for renovations or furnishings could instead be swallowed up by higher Stamp Duty.
- Market Frenzy: Whenever a Stamp Duty increase looms, the market tends to speed up as buyers rush to beat the deadline. This often causes delays, as more people are simultaneously looking to secure mortgages, surveyors, and conveyancers in a shorter time frame. Acting early is crucial to avoid getting caught in a logjam.
- Mortgage Affordability: If you’re taking out a mortgage, additional fees could affect your borrowing power. Lenders may re-assess affordability if your overall purchase cost increases. Getting the ball rolling well in advance will help prevent any nasty surprises at the last minute.
- Why You Should Move Quickly: Less Competition Now: Get ahead of the spring frenzy and put yourself in the best position to negotiate on your dream property.
- Smoother Process: By acting now, you can avoid the bottlenecks that often arise when everyone scrambles to meet government deadlines.
Fixed Costs: If you start the process now, you’ll have a clear idea of your Stamp Duty liability and can budget accordingly—no last-minute changes!
How Attwells Solicitors Can Help
At Attwells Solicitors, we understand how stressful buying property can be—especially when there’s a tax deadline looming. Our conveyancing experts:
- Guide You Step by Step: From making an offer to completion, we’ll keep you informed and ensure everything moves forward smoothly.
- Offer Transparent Fees: No hidden costs or nasty surprises—just clear, fixed-fee conveyancing you can rely on.
- Provide Expert Advice: Stamp Duty can be confusing, but our property specialists break it down for you, ensuring you fully understand your obligations before you commit.
Your Next Steps – Start Your Search
Whether you’re a first-time buyer or a seasoned investor, begin viewing properties now to find the perfect fit.
- Secure an Agreement in Principle: Talk to a mortgage advisor about how much you can borrow. Knowing your budget up front streamlines your property search and strengthens your offer.
- Instruct a Conveyancer Early: By instructing Attwells Solicitors as soon as your offer is accepted, you’ll have a legal team in place ready to act at crucial stages of the process.
- Act Fast, Save More: Complete before 1st April 2025 to avoid paying the increased Stamp Duty rates. The earlier you finalise, the more likely you are to dodge delays.
Ready to Get Started?
If you’re planning to buy a property, time really is money. By completing before 1st April 2025, you can save potentially thousands in Stamp Duty—savings that might just cover that new kitchen, garden landscaping, or a well-deserved holiday!
At Attwells Solicitors, we believe property transactions should be as seamless and stress-free as possible. Our friendly, dedicated team is on hand to guide you from start to finish, so you can focus on what really matters: turning your new house into a home.
