HOMEBUYERS are racing to beat the drop in the stamp duty threshold this April as tens of thousands are set to miss the deadline.
New figures from Rightmove suggest around 74,000 households will miss the deadline and end up completing on their properties in April, paying a collective £142million in extra stamp duty.
Property transactions currently take at least 15-20 weeks to complete from when you put the offer on a house, according to Zoopla.
That means anyone hoping to get in before the stamp duty deadline would typically need to have begun their purchase in around October last year.
But there are ways you can speed up your purchase yourself to avoid missing the deadline.
Babek Ismayil, founder of homebuying platform OneDome, said: "Buying a home in the UK can be a slow and frustrating process, largely due to the fragmented and inefficient system that kicks in once an offer is accepted.
"However, buyers can take proactive steps to accelerate the process and minimise unnecessary delays."
We spoke to experts across the property industry who explained how you can help hurry things along.
Be as organised as possible
One of the easiest mistakes to avoid when buying a home is not being organised with your finances, surveys or paperwork.
Mr Ismayil explained: “One of the most important things is to get finances in order before making an offer—this means securing a mortgage agreement in principle, ensuring the deposit is readily accessible, and having proof of funds available."
Make sure to get requests in as early as possible for things like your surveys and searches.
Searches are mandatory for anyone buying a home with a mortgage as they check things like local planning developments and environmental issues in the area.
Your solicitor, or conveyancor, usually manages these for you, but you can keep things moving by regularly checking in with them and responding to any requests.
"Buyers should also be prompt in returning all paperwork, providing ID, and arranging property searches, as these can take several weeks," Mr Ismayil added.
You also need to get a survey of the home done if you are using a mortgage, and that is on you to arrange.
You can find a surveyor by visiting: ricsfirms.com. Shop around to find the best survey for you and get it booked in as soon as possible.
Get your mortgage application sorted
A mortgage isn't likely to be the lengthiest part of your home-buying process, but it's a crucial element, so it's still worth making sure you don't unnecessarily delay it.
It typically takes two to four weeks to receive a formal mortgage offer from when you first apply, according to brokers.
The first thing to do is to make sure you understand the criteria for your desired mortgage and meet it, as any issues will be flagged down the line and could hold up your application.
"This could be a case of meeting the lenders' affordability model and being able to reach the required mortgage amount, but could also apply to the type of property," Mr Hollingworth said.
Then, ensure your finances are all in the right place to avoid missing any deadlines because funds are held up.
"Buyers should ensure their mortgage funds and deposit are ready well in advance of exchange, as missing these deadlines can cause last-minute issues," Mr Ismayil said.
Mr Hollingworth added that it's a good idea to get all your paperwork in order ready to complete your application well in advance.
"Before applying, make sure that you have all the paperwork to hand including payslips, bank statements and your P60 or tax self-assessment for self-employed.
"The lender may not need to see all these, but having up-to-date documentation will only help with accuracy in your application and meeting lender requests promptly."
If there is anything unusual about the property, its construction type or if the lease is short, then these are all things to flag to your mortgage adviser as early as possible too.
Communicate constantly
Making sure you communicate regularly and staying proactive is critical in getting your house purchase moving along.
Mr Ismayil said: “A key factor is staying in regular contact with solicitors, estate agents, and mortgage providers.
"Buyers who check in weekly and politely chase when necessary are more likely to keep their transaction moving, as delays often happen when files are left waiting in queues."
And while it can be tempting to keep spamming your broker, estate agent or conveyancor with emails, a phone call can often put you ahead and move things along faster.
“Prioritising phone calls over emails when communicating with mortgage brokers and solicitors can be extremely effective," advised Joseph Lane, founder of broker Mortgage Lane.
"Verbal communication is more direct, especially during busy times like this."
If you are contacted or asked for more information, make sure to respond in a timely manner.
"Responding to requests quickly will help to keep up the momentum, and ensuring that you are keeping things moving it could give you a more solid foundation to nudge others in the chain along," added David Hollingworth, associate director at L&C Mortgages.
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