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As we all battle through the current lockdown in our own way, the property market remains buoyant. This is perhaps inevitable as we are still playing catch-up following the political uncertainty of Brexit combined with the restrictions of the first lockdown when sales transaction numbers plunged by 50%.

But current market activity remains incredibly high, despite the fact that anyone looking to buy now is unlikely to be able to take advantage of the Stamp Duty concession, worth up to £15,000 but due to be withdrawn at the end of next month.

 

Some local sellers have approached us to sell their property following a less-than-impressive performance by an online alternative to “proper” estate agency. Although it is always tempting to say “I told you so”, we wouldn’t be so harsh with someone who has just been through the mill with the wrong choice of agent.  

 

And it seems they are not alone. In fact, according to research conducted by The Advisory, fewer than 4% of properties are sold by a low-cost internet-only estate agency.

A covenant is a term you might hear when discussing a property during the conveyancing process. Covenants are a form of legal obligation that is binding on the owner of a property and passes from owner to owner whenever the property is sold. They form part of the deeds of a property and are recorded at HM Land Registry.   

Stamp duty originated in the 17th century when duty stamps could be purchased and attached to a transactional document to prove that any tax due on the transaction had been paid. Today, tax relating to the purchase of land is known as “Stamp Duty”, or, more correctly Stamp Duty Land Tax (SDLT).

As we find ourselves in the middle of the dark winter months, some would suggest waiting until spring before putting your property on the market. After all, spring is traditionally associated with a time of change and this has always influenced the property market in the past.

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