Rep House

Top Menu

  • Home
  • Contact Us

Main Menu

  • Home
  • Furniture
  • Remodelling
  • Roofing
  • Home
  • Green Living
  • Home
  • Contact Us

logo

Rep House

  • Home
  • Furniture
  • Remodelling
  • Roofing
  • Home
  • Green Living
  • Retaining Walls Auckland: Why Do I Need Them?

  • A Home Skylight: The Window You Never Knew You Needed

  • How to Design a Farmhouse-Style Kitchen

  • How Much Does a Home Water Heater Cost on Average?

  • 3 Amazing Small Loft Design Ideas

Real Estate
Home›Real Estate›Conveyancers fear unrealistic stamp duty expectations

Conveyancers fear unrealistic stamp duty expectations

By Charls Grevious
February 11, 2021
438
0

Legal professionals and firms working in the property sector are facing another avalanche of conveyancing work. People who want to complete a house sale or purchase need to complete the transaction before the March 31st deadline to take advantage of the stamp duty holiday. Under the temporary rules, the chancellor raised the minimum stamp duty threshold from £125k to £500k, meaning that stamp duty does not apply to property purchases under £500k. For purchases over this amount, only the amount over £500k would be taxed.

Property solicitors have called for the deadline to be extended but this has so far been resisted by the government. It has been confirmed that MPs will again debate extending the holiday further on February 1st. The Law Society has requested that home buyers and sellers keep their expectations around the feasibility of completing transactions realistic.

They have warned that at this point in the year, the likelihood that they will be able to complete the transactions before the March 31st deadline is increasingly slim. They are urging their members to have honest discussions around this with clients, as they are concerned that people may lose money and be left disappointed if they are still required to pay stamp duty when their completion takes place after the deadline.

How many current transactions?

Rightmove estimated as many as 100,00 buyers who were aiming to beat the deadline and save the cost of stamp duty after conveyancing costs will be left not only disappointed, but with a hefty bill they weren’t expecting to receive.

Law Society President David Greene believes that the stamp duty holiday has confused the situation and created undue pressure for solicitors who are battling to beat the stamp duty deadline for their clients, in an already buoyant conveyancing costs market.

He urged Law Society members to discuss their clients’ expectations and their feasibility upfront, to manage any disappointment that may follow. The client and solicitor should agree a contingency plan together in the event that their transaction does not go through before the March 31st deadline.

Typical timescales

Property sales and purchases are always delayed or accelerated by lots of different factors. The average time to complete a house purchase in the UK varies. With no chain, the minimum time is usually around eight weeks, but if there is a chain it can take up to six months or even longer.

With the number of transactions currently waiting to be processed being so high, people are urged not to start a new transaction now. If the only purpose of buying now is to beat the stamp duty deadline, potential buyers are urged to wait and see what happens. The situation is exacerbated by the fact that the Help to Buy scheme is also due to cease in its current form on the same date.

The government has been asked to consider either extending the holiday or putting in place a transition period to assist in reducing the current pressure on all involved.

Previous Article

Everything You Need To Know About HVAC ...

Next Article

5 potential signs that your roof may ...

  • Cleaning

    THE DO’S AND DON’TS OF A SEPTIC TANK

  • Home Improvement

    5 Benefits of Having a Luxury Bathroom

  • Appliances

    Air Conditioning Repair: How Can Be At Ease?

Archives

  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • January 2019

Categories

  • Appliances
  • Basement Finishing
  • Business
  • Cleaning
  • Constuctioin
  • Featured
  • Floor Refinishing
  • Furniture
  • Gardener
  • Green Living
  • Home
  • Home Improvement
  • HVAC Contractor
  • Kitchen
  • Mold Removal
  • Moving
  • Pest Control
  • Plumbing
  • Real Estate
  • Remodelling
  • Roofing
  • Security
  • Water Softening Equipment

Recent Post

Furniture

Retaining Walls Auckland: Why Do I Need Them?

  • A Home Skylight: The Window You Never Knew You Needed

    By Denny white
    May 26, 2022
  • How to Design a Farmhouse-Style Kitchen

    By Charls Grevious
    May 26, 2022
  • How Much Does a Home Water Heater Cost on Average?

    By Shown Devid
    May 26, 2022
  • 3 Amazing Small Loft Design Ideas

    By Teresa Sobo
    May 26, 2022
  • Popular

  • Comments

  • Retaining Walls Auckland: Why Do I Need Them?

    By Clare Louise
    May 27, 2022
  • Buying Used Master bedroom Sets

    By admin
    April 1, 2019
  • Home Remodeling – Make Your Dream House

    By admin
    April 1, 2019

Timeline post

  • May 27, 2022

    Retaining Walls Auckland: Why Do I Need Them?

  • May 26, 2022

    A Home Skylight: The Window You Never Knew You Needed

  • May 26, 2022

    How to Design a Farmhouse-Style Kitchen

  • May 26, 2022

    How Much Does a Home Water Heater Cost on Average?

  • May 26, 2022

    3 Amazing Small Loft Design Ideas

Calendar

May 2022
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
« Apr    
  • Contact Us
  • Home
  • Furniture
  • Remodelling
  • Roofing
  • Green Living
Copyright @ 2019 rephouse.net | All Right Reserved.