Lloyds Banking Group will guarantee to complete cases submitted by 25 March ahead of an expected surge of applications before stamp duty rules change in April.
The lender — which also includes Halifax and Bank of Scotland — says it expects to see completions for March 50% higher than usual and has been “working with conveyancers and mortgage brokers to ensure they are ready for the rush of buyers trying to beat the deadline”.
The lender has asked conveyancers to submit certificates of title no later than 25th March to beat the 1 April deadline.
It cannot guarantee to complete cases submitted after this date.
From April 1, the nil-rate stamp duty threshold falls to £125,000 from £250,000.
This means that buyers will now pay a 2% tax on the part of the property value between £125,001 and £250,000, bringing thousands of homes into the stamp duty liability for the first time.
For first-time buyers, the tax-free threshold is being cut to £300,000 from £425,000, plus the maximum property value eligible for first-time buyer relief will drop to £500,000 from £625,000.
The lender adds: “This change will particularly affect those looking to buy in areas like the South East and London, where property prices for first homes often exceed these thresholds.”
Head of Halifax Intermediaries & Scottish Widows Bank at Lloyds Banking Group Amanda Bryden says: “With the new thresholds for stamp duty coming in just days, we are expecting a rush of customers trying to complete their purchase and avoid the extra cost.
“We’ve been working with mortgage brokers and solicitors to get ready for this, and we have seen evidence of many completing purchases early.
“We’ll do everything we can to get completions turned around before the stamp duty deadline if they come to us after 25 March, but there’s no guarantee.
“That’s why we are reminding conveyancers to get Certificates of Title to us no later than the 25 March, and sooner if they can, to be sure to beat the deadline.”
