The Chancellor has given property buyers a wonderful window of opportunity in the shape of a stamp duty holiday but the deal is only for a limited time. Those buying and selling in tandem should act now to stop this money-saving opportunity slipping away.
The impact of Covid19 on the economy and every facet of our lives cannot be under-estimated. Major industries have been decimated, businesses have failed, and the whole world has adjusted to the new situation.
It is inevitable that at least 30% of property sales fall through, and usually the circumstances are unforeseen too. When an offer is made on a property, the buyer and seller is not committed until exchange of contracts, which is legally binding.
When you own a property on a leasehold basis, it means you’re essentially renting the inside of a property for a fixed period of time. Leases are commonly issued with an initial length of between 99 and 999 years.
Almost half of all house sales in England and Wales fell through before completion in the final quarter of 2018, according to new data.
This should not come as too much surprise, as economic and political uncertainty has caused the housing market to wobble and this has definitely impacted on buyer and seller behaviour.
This is a question that homeowners will increasingly be asking themselves in 2019 whilst the United Kingdom gets ready to leave the European Union. If a property will not sell, there will be a reason for this.