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As it stands the Stamp Duty holiday is to end on 31 March 2021. Many leading experts expect an immediate end to the holiday will lead to a downturn in the property market which has seen somewhat of a boom over the last 6-8 months. The sudden end could lead to a record high of sale collapses leaving a lasting effect both on the property market and the economy.
As yet there is no indication from the government that they will provide an extension and as such the Chancellor is being urged to reconsider. With some proposing an outright extension to the deadline, whilst others believe a phasing out process at least whereby those that have achieved exchange should be allowed to benefit from the holiday even if their completion date runs past the 31 March 2021. The reasoning behind this is that it will help to cushion the blow and prevent a sudden and perhaps drastic impact on the property market. We have concerns about this course of action however as it may result in buyers taking unnecessary risks in order to exchange before the legal due diligence process is completed. This could have the potential impact of costing a buyer more money than is saved by reaching the Stamp Duty holiday deadline.
Following the recent MPs Stamp Duty debate it would appear that an update, if any at all from the government will not be provided until the upcoming financial budget. Until then we continue to operate on the basis that the 31 March 2021 is the ultimate cut off point. Our Conveyancing team here at Ramsdens have been operating in full flow during the lockdown period and continue to do their best under these exceptional circumstances to deliver the very best for our clients.
Speak to a knowledgeable and experienced house conveyancing solicitor today by contacting Ramsdens Solicitors. Either call us on 01484 821 500 or complete our online enquiry form and we will contact you at a time that is suitable for you.
February 12, 2021
Lindsey is a Solicitor and Partner and Heads the Residential Conveyancing department.