If you want to benefit from the stamp duty holiday, you must apply before November 1st

According to Legal & General Mortgage Club, homeowners planning to take advantage of the current stamp duty holiday must apply by Nov. 1 or risk losing the benefit. The market is currently subject to a series of delays, which means that transactions take longer than usual to complete.

The stamp duty holiday affects the first £500,000 of a property’s value, while it runs until Mar. 31, 2021.

“The stamp duty holiday has helped many people.”

Kevin Roberts, Director of the Legal & General Mortgage Club, said: “The government stamp duty holiday has helped encourage many hopeful buyers to move forward with their homeownership plans, providing a much-needed boost to the economy.”

However, those looking to take advantage of the ‘vacation’ will need to plan carefully to avoid missing the March 2021 deadline, especially if they have their property to sell first. Buyers should speak with a mortgage counselor when creating a plan, as these professionals understand how to navigate the ongoing changes in the home and mortgage buying process.”

“As home buyers rush to take advantage of the stamp tax holiday, policymakers must consider whether a reduction in the stamp tax term is needed rather than a strict deadline. We have to prevent those who move or buy a house from being lost due to delays after Mar. 31 when the holidays end.”

The housing market has received more interest from buyers since the closing reopening and the next stamp duty holiday.

Legal & General Mortgage Club surveyed various housing market stakeholders, including real estate agents, surveyors, transmitters, and home builders, to build an estimated timeline for a typical housing trip given these delays.

Before the pandemic, a mortgage application for a consumer with simple circumstances took less than two weeks (61%) to move to the mortgage offer.

However, since the mortgage market reopened, advisers have found that this process takes much longer: 30% said it would take three to four weeks, and another 32% said it would take four to eight weeks.

Those with more complex backgrounds, such as those with a bad credit history or who have been on license, may need to wait six to eight weeks (28%) to get approved for a mortgage.

Other elements of the housing sector are also trying to manage demand and the ongoing impact of Covid-19 on their businesses, which has increased lead times.

Either way, the stamp duty holiday has been a crucial help for most buyers. Although it should not last beyond the first quarter of 2021, it has set a precedent for the UK government to reapply this measure whenever it is necessary.

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