Sell now and avoid extra VAT
The Government has announced that VAT will rise from 17.5 per cent to 20 per cent from January 4th 2011, and the increase will have a significant impact on sellers.If people put their property on the market now they will have every chance of avoiding the VAT increase in January which will substantially affect their selling costs.
Once a sale has been agreed it takes on average 13 weeks for it to be finalised, so our advice is if they delay they will be paying significantly more.
The VAT increase will not only impact estate agency fees and conveyancing costs, but will also mean that surveys and land registry and search fees could be more expensive.
Both sellers and buyers should also bear in mind that from January next year the rise in VAT will mean that moving costs are likely to increase, so everything from hiring a removal van to redecorating or furnishing a new property will be more expensive.
The property market is extremely buoyant at the moment so it really is an excellent time to sell and we are finding that properties are moving very quickly.
Our advice is if you delay there could well be more to pay.
Labels: estate agency VAT; estate agency, estate agent, haart
posted by blogger @ 14:09
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