The client:
Relocating couple (seller) & first-time buyer couple
The background:
When Mr & Mrs Hammond decided to relocate from Farncombe to the Isle of Wight, they chose Warren Powell-Richards to sell their property.
Within just 10 minutes of the property’s launch on 15 January 2025, the Godalming office received an enquiry from a first-time buyer couple who were living in London and wanted to relocate to the Godalming area.
The property, on Farncombe’s Station Road, was perfect for the prospective buyers for two reasons. Firstly, they wanted to be close to the train station so that on returning from their London commute, they could be home within a few minutes’ walk. Secondly, they were both pleased with the 80-foot garden, which would enable them to fulfil a longstanding dream of buying a plot with a blank canvas that could be used to grow their own produce.
Within two days, the couple had made an offer. However, they needed to complete on the property before the end of March.
The challenge:
On 1 April 2025, the Stamp Duty Land Tax (SDLT) threshold for first-time buyers shrank from £425,000 to £300,000. This means that SDLT on a £500,000 property increased from £3,750 to £10,000.
With this in mind, the prospective first-time buyers wanted the deal to complete by the end of March 2025 in order to qualify for the preferential rate of tax.
With the offer accepted by the vendors on the 22 January and a window of only several weeks to complete in order to meet the deadline, Warren Powell-Richards’ team of Godalming estate agents got to work.
“With the increased burden of stamp duty taking effect from the 1st April 2025, we needed to work fast and remove any possible barriers to completing at the end of March. This meant working very closely with the solicitors in order to maintain momentum at all times.”
Stephen Simmonds, Sales Negotiator at Warren Powell-Richards’ Godalming office
The result:
Warren Powell-Richards was able to exchange on 7 March – a little over six weeks from the point at which the offer was accepted.
The buyers were naturally anxious to meet the SDLT deadline, and were also dealing with heightened emotions associated with buying a property for the first time in their lives.
To counter this, the Godalming team set up twice-weekly phone calls with the buyers and vendors. In advance of the calls, the assigned agent would get up-to-date briefings from each party’s solicitor so that status updates were accurate during every call.
Through hard work, traditional estate agency and a commitment to not just the vendor but also the buyers, too, the Godalming Warren Powell-Richards team was able to make sure that the deal completed on the 28 March and that the buyers saved a substantial amount of money in tax.
As the buyers say:
“Stephen and the team at Warren Powell-Richards have been excellent throughout the process of purchasing our first home. None of our viewings were made to feel rushed and all of our questions about the property and local area were answered. On top of this, Stephen has been instrumental in keeping all parties up to date on progress and blockers during the conveyancing process, helping to make our desired completion date possible! Thanks!”
Alasdair
