But between Monday and Tuesday next week, this is not the case. In fact, a delay of just a day could mean someone buying an average-priced home has to fork out an extra £2,500.
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However, as of Tuesday 1 April, the current stamp duty levels, which have been in place since the mini-Budget in September 2022, will come to an end.
A typical buyer will face a tax bill of £4,750 instead of £2,250 – in addition to legal and conveyancing costs, mortgage fees and their deposit.
It involved the chivvying of solicitors, the hopeful booking of removal services before purchases have been completed, and in some cases, underhanded tactics from sellers trying to use the deadline as “leverage” to secure better deals, according to those working in the industry.
Experts even say some clients simply won’t be able to afford the higher charges if they do miss the deadline, and could end up having to abandon purchase plans, creating a “chill” in the market.
As an average property purchase takes 151 days according to Rightmove, the process would typically have to have started in August 2024 for someone to meet next week’s deadline.
Emma Fildes, founder of the Brickweaver property buying agency says purchases that were agreed at the end of last year are the ones that were going to the wire.
Mark Lawrinson, operations director, residential sales at Beresfords Group, an estate agency in Essex, said in January, his staff were “already managing expectations” with some customers that sales were unlikely to be completed by the end of the March deadline.
Mark Lawrinson is been working to get client deals over the line before the stamp duty deadlineHow the scramble has played out
Ms Fildes has two clients completing on a property this Friday, four days before the deadline – they will save £2,500 in stamp duty as a result.
Solicitors play a key role in property purchases, from drafting contracts and reviewing documents.
“There’s a fine art to chasing: it’s not just about persistence, but how it is received when delivered. Overwhelmed solicitors being shouted at rarely yields the desired results. Polite persistence is usually most effective,” she says.
“They may find that decision costs them more in the long run, especially if they don’t complete before the April deadline.”
“Normally, you would find people exchange contracts, the point at which it becomes legally binding, and set a completion date a minimum of a week after to allow sufficient time for them to arrange removals and be prepared for the day that they need to vacate their current property and move into a new one.”
“In some cases, we have even heard of stories where people have been booking removal companies in advance of the simultaneous exchange and completion and then when it hasn’t happened, they are having to pay penalty fees and roll those removals over until such point that they can get the simultaneous exchange and completion through,” he says.
“There are also some people that try to be opportunistic during negotiations to use the deadline as leverage,” says Simon Gerrard.
Mortgage lenders have also been working round the clock to try and stop clients missing the deadline.
Nicholas Mendes says lenders are also working to get deals over the line
Some set to face let down come Tuesday
Some who hope to do so will inevitably not complete before Tuesday. In some cases this could end up with collapsing deals.
“Going forward, the changes are likely to place a chill on the entire market. Most first-time buyers in London are going to have to save thousands more to get on the housing ladder, creating another obstacle to an already Herculean task,” he adds.
Mr Lawrinson is hoping some deals that will miss the deadline can still continue, albeit with perhaps new prices.
“I’m sure come 1 April several conversations may be had where people are looking to renegotiate,” he says.
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