Want to beat the stamp duty deadline? Five ways the super-rich are speeding up their sales
Quoting Clare Coode of Stacks Property Finders
These wealthy buyers may also be part of a chain, with others further down threatening to pull out if they do not complete before the tax break ends. Clare Coode of Stacks Property Search, another buying agent, said: “Some are pushing things forward in order to beat the deadline, but for others it’s just because they’re used to having things done instantly.”
It is possible to turn a deal around in just 24 hours if you have the cash, she added. Here are the tactics used by wealthy buyers in a hurry.
Skipping local authority searches
Local authorities are struggling to cope with the surging demand from buyers for property searches. “One way to avoid the wait is to buy indemnity insurance instead,” Ms Coode said.
This protects buyers in case an issue arises that affects the property’s value after completion and should cover the shortfall in its price. It can cost as little as a few hundred pounds, but some issues will be exempt and many lenders will not accept it as an alternative.
Some buyers who are desperate to speed up the process, and avoid the current backlog of demand, have used surveyors who are not accredited by the Royal Institution of Chartered Surveyors. Using a non-certified surveyor does not necessarily mean they will be less qualified, but buyers should first research their work to check they are suitable.
If you are interested in buying a property in Cornwall, please contact Clare / +44(0)7930 346471 / clarecoode@stacks.co.uk
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