Our residential property team has received lots of questions from prospective buyers with the stamp duty land tax (SDLT) holiday deadline fast approaching.
At SO Legal, we always do our very best to ensure your property transaction’s smooth and efficient progress.
However, due to circumstances beyond our control, we cannot guarantee that any transaction will complete before the current SDLT holiday ends 30 June 2021 (properties up to £500,000) and 30 September 2021 (properties up to £250,000).
SO Legal Limited will not accept liability for any direct or indirect financial loss resulting from a transaction completing after 30 June 2021 or after 30 September 2021.
As widely reported in the media, the conveyancing sector has experienced a period of unprecedented demand that, coupled with the pandemic, means that residential property transactions are now taking significantly longer to progress.
On 9 July 2020, the Government introduced a temporary SDLT ‘holiday’. Standard rate SDLT was temporarily changed to 0% on properties purchased with a value up to £500,000.
This holiday was due to end on 31 March 2021, but it was extended until 30 June 2021 for properties up to £500,000, with a tapered return to the old rates from 1 July 2021 to 30 September 2021.
From 1 October 2021, SDLT charges are expected to go back to normal, as seen before the coronavirus pandemic.
Unexpected delays can always occur at any stage in the conveyancing process. These delays can include last-minute issues with the Land Registry, banks and lenders, and search results.
We recommend that, even if your sale or purchase is close to completion, you should plan ahead and consider what options are available if the SDLT holiday ends before you complete.
This is not intended to be an exhaustive note on the matter, and your conveyancer will be able to answer any specific questions you may have.
If you would like to discuss the SDLT holiday ending or any other residential property enquires, contact our friendly team at firstname.lastname@example.org