We just wanted to remind you that the stamp duty land tax holiday will soon begin to be phased out.
- From Wednesday 1 July 2021, properties valued over £250k will again become eligible for stamp duty land tax.
- From 1 October 2021, the holiday will come to an end and stamp duty land tax will apply to all properties valued over £125k.
As the stamp duty deadline of 30 June 2021 draws nearer, we’re aware of the limited timescales you may face to ensure funds are released for completion for your clients.
Therefore, please be advised of the following minimum notice periods for Kent Reliance for Intermediaries and Precise Mortgages to release completion funds.
The final date by which we must receive the Certificate of Title (COT) fully completed with no outstanding conditions, for a funds release of 30 June 2021 is as follows:
- Precise Mortgages: Friday 25 June 2021 (This includes any Help to Buy cases)
Please note that this doesn’t affect any requests for bridging finance with Precise Mortgages, as we’re still able to offer same-day funding – providing we receive a completed Certificate of Title. Please also note that the footers of all our broker communications have the following wording additional reminders leading up to the cut off dates.
From Wednesday 1 July 2021, properties valued over £250k will become eligible for Stamp Duty land tax again. We require a minimum of 3 working days’ notice to release completion funds. Friday 25 June 2021 is the final date for us to receive a fully completed Certificate of Title for a funds release of 30 June 2021.
Should you have any queries regarding this please do not hesitate to contact myself or your Corporate Account Manager.
