Blog – Why NOW is the time to sell a property

young couple showing off keys to house If you’re thinking of selling your property, now is most definitely the time to be discussing this with our Estate Agency team.  At Wallace Quinn we offer a full service estate agency and conveyancing services, meaning we can offer clients a one-stop shop for every step of the house-sale process.  We work with Keys Estate Agents and the ESPC to offer a top-class valuation and marketing service, and our in-house solicitors to deliver a fast and hassle-free conveyancing service.

Here’s some of the reasons you should be picking up the phone or completing the contact form at the foot of this page and taking the next step on your own property journey.

 

The Market is Open For Business

 

All of the professionals, tradespeople and businesses involved in helping you move house have been working incredibly hard in recent weeks to put in place measures to allow them to operate in a Covid-safe way, which has meant the market is now operating well.

 

Demand is back

 

We have seen quite a surge in the second-hand property market, as all of the pent-up demand of the last six months has been unleashed at once.  We’re seeing an unprecedented number of enquiries from people looking to move.

 

Supply Is low

 

Quite simply, there are more buyers out there looking than there are properties available to buy.  This means much more interest in the properties on the market, which in turn is leading to good prices and quicker sales than we would normally expect at this time of year.

 

Mortgage Rates are low

 

Interest rates are the lowest they have ever been in 400 years at just 0.1%.  This means mortgage rates are also historically low and that makes the prospect of borrowing more to move home appealing to many buyers.

 

First Home Fund

 

The Scottish Government’s First Home Fund is a £200 million pot of money which can give first time buyers up to £25,000 towards their first property using a shared equity scheme.  Unlike the popular ‘Help to Buy (Scotland)’, the ‘First Home Fund’ is also available for second-hand property purchases and is definitely giving a boost to the market.

 

Changing Demands

 

Months of lockdown has had a profound impact on how we view and use the space we call home.   With many more people living AND working from home, many have begun to reassess what they need from a property, with outdoor space and home offices now high on the wish-list of property hunters.  People who perhaps wouldn’t have dreamed of moving at the start of the year are now serious potential purchasers.

 

Ready to find out more?

 

If you’re ready to sell your property and would like to discuss what’s involved and get a quote for our services, complete this form and one of our team will get back in touch with you within one working day.

If you are looking to buy property and there is a closing date in the next 24 hours, please telephone to discuss

 

Home buyers could save over £2000 in tax with temporary LBTT changes

The starting threshold for Land and Buildings Transaction Tax ( LBTT) on residential property sales in Scotland is rising from £145,000 to £250,000 from 15 July 2020 until  31 March 2021.

This amounts to over £2000 in savings on a property bought for £250,000 and means that where the Additional Dwelling Supplement (ADS) does not apply, no LBTT will be payable.

To find out how this change affects you, click on the relevant link below:

I’m a first time buyer and I’m buying a property costing less than £250,000

Good news – you’ll pay no LBTT at all on your purchase, as long as your purchase is AFTER 15 July and BEFORE 31 March 2021.  All other legal fees and outlays remain unchanged. The changes to LBTT have no impact on Help To Buy (Scotland) or the First Home Fund.

I’m a first time buyer and I’m buying a property costing more than £250,000

You will pay LBTT, but NOT on the first £250,000 of the purchase price (as long as your purchase is AFTER 15 July 2020 starts and BEFORE 31 March 2021).  You can work out your LBTT as follows:

  • The first £250,000 of purchase price             0%
  • Then £250,001 - £325,000                              5%
  • Then £325,001 - £750,000                                10%
  • Then over £750,000                                        12%

The changes to LBTT have no impact on Help To Buy (Scotland) or the First Home Fund.

I already own a property, but I would like to purchase another one costing LESS than £250,000

You will not incur any of the standard Land and Buildings Transaction Tax, but you will be liable for the ‘Additional Dwelling Supplement’, which is at 4% of the total purchase price.  For example, if you buy a property at £100,000, you’ll pay an ADS of £4000.

I already own a property but I would like to purchase another one costing MORE than £250,000

If you purchase between 15 July 2020 and 31 March 2021, you can work out your LBTT as follows:

  • The first £250,000 of purchase price             0%
  • Then £250,001 - £325,000                              5%
  • Then 325,001 - £750,000                                10%
  • Then over £750,000                                        12%

In addition, you will be liable for the ‘Additional Dwelling Supplement’, which is 4% of the total purchase price.  For example, if you buy a property at £300,000, you’ll pay an ADS of £12000


 

You can read more about the Scottish Government’s plans on their website.  

If you have any other questions, please get in touch and discuss this with one of our solicitors.