Conveyancers worked tirelessly against the clock to help home buyers and sellers complete their transactions ahead of the stamp duty holiday coming to an end.
The stamp duty holiday for properties in England ended as of 1 July but will be followed by a tapered rate until the end of September. In Wales the land transaction tax concession has come to a hard end.
The stamp duty holiday has resulted in a surge demand for conveyancing services that have highlighted fundamental problems within the sector as solicitors have worked late into the night to meet the deadline.
Law Society president I. Stephanie Boyce said: ‘A whole range of factors have come together to create the perfect storm – lockdown has persuaded many people it’s time for a larger home, those who had planned to move before the crisis may have had to defer, and now, with the end of the [stamp duty] holiday in England and the Land Transaction Tax holiday in Wales, people are not unreasonably wanting to be in their new home before it costs them more cash.
‘It’s very stressful for those wishing to move – and I know solicitors have been working 24/7 to meet their clients’ wishes. However, capacity is stretched across the board – from local authority searches via delays in mortgage offers through to unforeseen hiccups further along the chain. Unfortunately, many people risk seeing the deadline come and go without completing their purchase. However, it's important to remember that the end of the stamp duty holiday and the savings made decreases through to September for those buying properties in England.’