Many solicitors are reporting that their conveyancing teams are seeing record levels of business, with anecdotal evidence that a backlog caused by the Covid crisis, a higher divorce rate, people moving ‘out of town’ and the stamp duty holiday all contributing.
NAEA Propertymark, the UK’s leading professional body for estate agents, has warned that people who want to take advantage of the stamp duty holiday to buy a new home need to get moving in order to complete before the 31 March 2021 deadline.
So what if you’ve found your dream home but you’re waiting for an inheritance to be completed before you can act? Waiting for the probate process to complete, which could take 12-18 months, could result in missing out on saving up to £15,000 in stamp duty.
Or you may be one of many who are you relying on the bank of mum and dad to help you with a purchase? New research from Legal & General shows that it’s now common for inheritance to skip a generation with one in four ‘gifters’ using their inheritance to help their children and grandchildren buy a property.
Well, you don’t have to wait and risk missing out on those stamp duty savings or your perfect home!
Tower Street Finance (TSF) can help with its unique product – Inheritance Advance. It does exactly what the name says. Beneficiaries can access a proportion of their money sooner without waiting for probate to complete.
Unlike other products on the market, there are no credit checks and there are no charges placed on assets or property. And there are no repayments – the advance is paid back once the estate is settled, and with no personal liability so if the assets sell for less than expected then TSF take the risk.
TSF has already helped many people access funds quicker so that their dream home doesn’t slip through their fingers.