An update from the Halifax
The Stamp Duty reduction is due to change on 1 July 2021. It’s important you’re aware of the following information:
- The latest date for legal completion to qualify for the current Stamp Duty reduction is 30 June 2021
- If the purchase does not reach legal completion on or before 30 June 2021 Stamp Duty will be payable where applicable
The Conveyancer will be able to advise on the progress of the purchase transaction and will be aware of what action is required to progress the transaction
The above message has been communicated as a reminder of the deadline on stamp duty and we require your help to ensure that any potential impacts to our customers can be minimised. We would suggest if a new application is progressed at this late stage with expected completion on or before the 30 June 2021 that you ensure that the customer enters into the purchase aware of the implications of not being able to meet the above deadline.
Builder Requirements
- Valuation booking – Our valuation provider will call to book the valuation and in line with HBF guidance, the UKF Disclosure Form is being requested to be e-mailed to our valuation supplier. It is essential this is available at the time of the booking call.
- Amendments to the submitted UKF Disclosure form should be avoided where possible but if absolutely necessary must be submitted to the lender at the earliest opportunity to avoid potential delays.
- It is critical to ensure the customer, conveyancer and mortgage broker have early knowledge of the expected completion date.
Broker Requirements
- Check the mortgage offer expiry date fits within the expected completion date.
- Check the date of the valuation – where the valuation will be >6months old, by the date of completion, these will need to be re-offered. Where the valuation will be >12months old, by the date of completion, a new valuation will be required.
- Please upload a contact form (copy attached) to notify us where a valuation will expire to allow for the booking of a new valuation where necessary.
- Please utilise online case tracking and email updates to track the progress of a case and do not call the Broker Support Team unless absolutely essential.
Conveyancer Requirements
- Please ensure that you encourage the Conveyancer to provide as much notice as possible for the completion and the request of funds, a minimum of 5 working days prior to completion.
- Where the lender handbook requires lender clearance these enquiries should be raised at the first possible opportunity.
