In the Government’s Autumn Statement, changes were announced to stamp duty that will become effective on 1 April 2016. We know that you will understand the impact of these changes, but it’s vitally important that your clients are aware of these changes and the potential impact on costs involved in a purchase transaction.
As a lender, we will totally commit to processing applications as efficiently as possible, but, given the current market conditions caused by these changes, and the reliance on all the parties involved in purchasing a property, you will understand that it is not possible to guarantee the length of time it will take to complete applications.
To help everyone involved, please ensure that any case you submit is fully packaged to give ourselves, the valuer, your clients legal representatives etc the best possible chance of completing the case by 31 March.
If we do request any further information during the processing of a case, it is vital that you respond as quickly as possible with all of the information required.
When discussing the costs of purchasing a property with your clients, please do consider the potential for additional stamp duty costs if completion occurs after 31 March 2016.
If you have any questions please contact your local Relationship Partner.
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