Families who depend on mortgage financing from some of the UK’s biggest lenders must complete their legal work within the next four to eight working days if they want to pass the June 30 stamp duty deadline.
HSBC and its sister bank First Direct are asking lawyers to send them the certificate of title by June 21 if they want to complete it by the end of the month, according to HBB Solutions, a real estate buying company. She contacted the largest mortgage lenders to find out their deadlines for releasing funds.
A certificate of title is issued by an attorney when all legal work is completed and triggers the release of mortgage financing from the lender.
Leeds Building Society, Halifax and Barclays have said the deadline to receive the certificate of title is June 23 while Precise Mortgages gave a date as June 25.
Nationwide / The Mortgage Works did not provide any time frame, HBB said, but said it needed five working days to send mortgage funds through BACS and if the notice is lower the lender will deduct Â£ 20 for CHAPS payment.
Homebuyers can save up to Â£ 15,000 on their stamp duty bill if they complete their purchase before June 30. After that, the threshold for temporary stamp duty, the point at which buyers start paying stamp duty, will be lowered from Â£ 500,000 to Â£ 250,000 until the end of September.
It is estimated that more than 160,000 buyers who accepted sales before April 1 will not be completed by June 30, according to real estate data company TwentyCi.
Samantha Partington is a freelance commerce and consumer journalist who writes on real estate and personal finance. Previously, she worked for the Daily Mail and Property Week. She is the former associate editor of Mortgage Solutions and editor of Specialist Lending Solutions. Prior to becoming a journalist, Samantha worked as a mortgage broker and most recently for a mortgage, bridge and secured loan lender. Samantha is CeMAP qualified. Follow her on Twitter @ SamJPartington1.