A Portsmouth chartered surveyors has warned investors against cutting corners to beat a Stamp Duty rise in April.
McAndrew Martin’s caution comes before a new 3% surcharge comes into force on April 1 for second and holiday homes as well as buy-to-let properties.
Chancellor George Osborne is due to unveil full details of the new levy – on top of the existing Stamp Duty to be paid on a property – in his Budget on Wednesday March 16.
Stamp Duty surcharge
Ian Lee, a director at Fairway Business Centre-based McAndrew Martin, said: “The new Stamp Duty surcharge has understandably caused some concern.
“Data from the Royal Institution of Chartered Surveyors (RICS) and the Council of Mortgage Lenders has already shown that many landlords are racing to beat the April 1 deadline.
“Details due to be announced in the Budget will only accelerate this rush. However, we would urge any buyers not to cut corners.
“Cutting a survey out of the process and relying simply on a mortgage valuation report may seem a tempting way to speed things up. However, it could have serious consequences and end up costing more in the long term.”
Portsmouth Property Association
He added: “Using a professional, friendly and experienced member of the Portsmouth Property Association (PPA) is always recommended.
“Using a firm with years of experience in the area may help uncover details which are not readily apparent and may prove costly to fix in the future.”
Recent figures from the Council of Mortgage Lenders showed that landlord loans shot up by 22% in January compared with the same month in 2015.
Twenty-strong McAndrew Martin was founded in 1989 and is a leading firm of chartered surveyors and property professionals with services including architectural design and structural engineering.
Contact account director James Tourgout on 7827 806400 and james.tourgout@deepsouthmedia.co.uk.
