With the uncertainty that 2020 brought for many people, the residential property market has continued to operate with many buyers and sellers keen to ensure they move before 31st March 2021, when the stamp duty holiday will end.
From the 8th July 2020, when the stamp duty relief began, we have seen a sharp increase in the numbers of people looking to move house. However, as the end date draws closer, conveyancing solicitors leaders have issued a warning to manage clients’ expectations of completing before the deadline. This is especially crucial for any new instructions to avoid clients being left disappointed and potentially losing money.
Rightmove has suggested that around 100,000 buyers will not be able to take advantage of the stamp duty saving, due to the closing deadline.
David Greene, president of the Law Society of England and Wales, has said “while the conveyancing market continues to operate despite the lockdown, it has no doubt complicated the situation further for conveyancing solicitors who are already overworked and under pressure ahead of the stamp duty relief deadline”.
Greene added that many factors are limiting the speed of a move. Such as delays in issuing search results, delays in mortgage offers being issued, problems in the chain, and dependent transactions. These are usually outside the conveyancer’s control, and they cannot guarantee transactions will complete before the end of March.
With the high volume of transactions waiting to be processed, people should not have unrealistic hopes of starting a new transaction now and completing before the deadline. This will only result in people wasting money if their only reason for purchasing is to complete before the deadline.
Our conveyancing solicitors will ensure that the process of buying or selling a house runs as smoothly as possible. If you are concerned about whether you can buy or sell before the stamp duty holiday ends or would like a free conveyancing quote, please contact us.