News

PRESS RELEASE: Collyer Bristow calls for an extension to the stamp duty holiday

Collyer Bristow has today urged the government to extend the stamp duty holiday beyond 31 March 2021 to allow properties that have exchanged, but are yet to complete, to qualify.

1 minute read

Published 12 November 2020

Key Contacts

  • Janet Armstrong-Fox

    Partner - Head of Private Client Property

    Visit profile

Share

The call follows a sustained period of unprecedented demand on property lawyers, surveyors and lenders that is likely to result in many homebuyers missing out on the valuable relief.

Janet Armstrong-Fox, Partner and Head of Private Client Property at Collyer Bristow comments.

“The residential property market remains exceptionally busy at all levels, with the demand on property lawyers and surveyors particularly acute. The lockdown throughout the spring, traditionally a busy period for the residential market, and the SDLT holiday is driving that demand.

“Buyers are already being asked to ensure they have a surveyor and solicitor on board to see the transaction through, and if they don’t their offers are being turned down.

“The delays do not, however, just sit with the solicitors or the surveyors. There are many steps in the conveyancing process – from local authority searches taking many weeks to complete to mortgage offers taking twice as long to be processed, translating into weeks of delay.

“And as it stands, any transaction that hasn’t completed by 31 March will fail to qualify for the SDLT relief, and that is likely to result in sales falling through.

“We would urge the government to consider extending the SDLT holiday or, if that is not viable, to allow sales that have exchanged, but are yet to complete, to qualify.”

Janet Armstrong-Fox is available for interview. She can be reached on +44 7720 848807 or by email on janet.armstrong-fox@collyerbristow.com

Related latest news PREV NEXT

Arrow Back to News

News

PRESS RELEASE: Collyer Bristow calls for an extension to the stamp duty holiday

Collyer Bristow has today urged the government to extend the stamp duty holiday beyond 31 March 2021 to allow properties that have exchanged, but are yet to complete, to qualify.

Published 12 November 2020

Key Contacts

The call follows a sustained period of unprecedented demand on property lawyers, surveyors and lenders that is likely to result in many homebuyers missing out on the valuable relief.

Janet Armstrong-Fox, Partner and Head of Private Client Property at Collyer Bristow comments.

“The residential property market remains exceptionally busy at all levels, with the demand on property lawyers and surveyors particularly acute. The lockdown throughout the spring, traditionally a busy period for the residential market, and the SDLT holiday is driving that demand.

“Buyers are already being asked to ensure they have a surveyor and solicitor on board to see the transaction through, and if they don’t their offers are being turned down.

“The delays do not, however, just sit with the solicitors or the surveyors. There are many steps in the conveyancing process – from local authority searches taking many weeks to complete to mortgage offers taking twice as long to be processed, translating into weeks of delay.

“And as it stands, any transaction that hasn’t completed by 31 March will fail to qualify for the SDLT relief, and that is likely to result in sales falling through.

“We would urge the government to consider extending the SDLT holiday or, if that is not viable, to allow sales that have exchanged, but are yet to complete, to qualify.”

Janet Armstrong-Fox is available for interview. She can be reached on +44 7720 848807 or by email on janet.armstrong-fox@collyerbristow.com

Key Contacts

Need some more information? Make an enquiry below.

    Subscribe

    Please add your details and your areas of interest below

    Specialist sectors:

    Legal services:

    Other information:

    Jurisdictions of interest to you (other than UK):



    Article contributor

    Enjoy reading our articles? why not subscribe to notifications so you’ll never miss one?

    Subscribe to our articles

    Message us on WhatsApp (calling not available)

    Please note that Collyer Bristow provides this service during office hours for general information and enquiries only and that no legal or other professional advice will be provided over the WhatsApp platform. Please also note that if you choose to use this platform your personal data is likely to be processed outside the UK and EEA, including in the US. Appropriate legal or other professional opinion should be taken before taking or omitting to take any action in respect of any specific problem. Collyer Bristow LLP accepts no liability for any loss or damage which may arise from reliance on information provided. All information will be deleted immediately upon completion of a conversation.

    I accept Close

    Close
    Scroll up
    ExpandNeed some help?Toggle

    < Back to menu

    I have an issue and need your help

    Scroll to see our A-Z list of expertise

    Get in touch

    Get in touch using our form below.



      Business Close
      Private Wealth Close
      Hot Topics Close