Government response to petition to extend Stamp Duty Holiday

youth_leader

I signed a petition about this and have just received the response, which is a no. Good luck to everyone who will meet the deadline.

Extend the Stamp Duty Holiday for an additional 6 months after 31st March 2021 - Petitions (parliament.uk)

Thrugelmir

The holiday served it's purpose. Hopefully prices will subsequently fall back in response. 

Sibbers123

Hard to justify politically to extend the SDLT holiday. Naga on BBC breakfast will be asking all sorts. 'You can afford to cut SDLT up to £15,000 but can't afford to feed hungry school children, have frozen public sector pay, excluded up to 3 million people from financial support' etc etc.

The only benefit of an extension would be to get existing deals across the line. We have known since June it will expire on 31st March 2021 so everyone has been working towards that date. An extension will not have the impact the initial holiday had for this reason.

Also, the fact we are in a bubble negates any stamp duty holiday anyway as you are paying more overall. The only benefit is that you can mortgage the purchase price, but you have to pay cash for SDLT and people don't have cash but are happy to borrow up to their ears!

I won't be signing as it is just short-termism and kicking the can down the road.

tooraloola

Then they need to change the terms as many people in Conveyancing currently will be unable to complete by the deadline due to a backlog. Change it so that those who are in Conveyancing by for example 31December qualify for the Stamp Duty "holiday"

davidmcn

tooraloola said:

Then they need to change the terms as many people in Conveyancing currently will be unable to complete by the deadline due to a backlog. Change it so that those who are in Conveyancing by for example 31December qualify for the Stamp Duty "holiday"

As discussed before, what on earth does "in conveyancing" actually mean? Far too nebulous and not the sort of thing which has ever been used in stamp duty legislation. At most there can be transitional arrangements for those who have exchanged contracts (so would be unfair for them to be lumbered with a stamp duty increase they hadn't budgeted for), but I don't think that makes sense here when everybody already knows when the concession ends.

youth_leader

I'm not hopeful I'll meet the deadline now and will have to readjust my budget.  I found out last Thursday, seven weeks in, that my vendor's solicitor had been unable to take any action due to Covid.  I was asked to offer over the asking price to secure my purchase and offered what would have been the stamp duty.  

Wanderingpomm

youth_leader said:

I'm not hopeful I'll meet the deadline now and will have to readjust my budget.  I found out last Thursday, seven weeks in, that my vendor's solicitor had been unable to take any action due to Covid.  I was asked to offer over the asking price to secure my purchase and offered what would have been the stamp duty.  

Well if it’s now overpriced because of the vendors tine delay you’ll have to renegotiate 

FTB_Help

youth_leader said:

I'm not hopeful I'll meet the deadline now and will have to readjust my budget.  I found out last Thursday, seven weeks in, that my vendor's solicitor had been unable to take any action due to Covid.  I was asked to offer over the asking price to secure my purchase and offered what would have been the stamp duty.  

Why did your vendor ask you to increase after an accepted offer if you don't mind me asking?

I too am now having to rearrange and budget for potentially not meeting the deadline, my searches are due back just after Xmas, survey done but remaining pessimistic on the rest of the conveyancing work as most offices will be closed from end of next week and probably not back up until next yr 😪

blue_max_3

I'm buying now and factored in the fact that it would be an additional £15k after 31st March. If it was to be extended, I'd feel mislead, as it formed part of my purchasing decision. 
I rather wish they had not introduced it at all. It just pushed prices up as far as I can see.

youth_leader

FTB_Help I saw the property first, on Saturday 17 October, and went to my car and phoned through to the EA to offer full asking price.  I had told the vendor I would be offering, but she said as it was her first day on the market she would like to allow the other viewings booked in over the weekend.  On the Monday, it seemed that the people after me on Saturday also offered full asking price, and the Sunday viewer offered under.  The EA rang me on the Monday and told me the vendor said if I offered over the asking she'd agree to sell to me - I'm saving £2,500 if I get the stamp duty off, so I offered that.  In hindsight, I should have asked more questions - if neither of them were proceedable perhaps I'd have 'won' the purchase through being a cash buyer.  Unfortunately it's eight weeks today and nothing has happened, the elation soon fades doesn't it.

 

Neil49

Wanderingpomm said:

youth_leader said:

I'm not hopeful I'll meet the deadline now and will have to readjust my budget.  I found out last Thursday, seven weeks in, that my vendor's solicitor had been unable to take any action due to Covid.  I was asked to offer over the asking price to secure my purchase and offered what would have been the stamp duty.  

Well if it’s now overpriced because of the vendors tine delay you’ll have to renegotiate 

Just to point out to the OP that you aren't committed to buy until you exchange contracts. If you think that the delays will take you into April (and result in you paying stamp duty) then either renegotiate the price or start looking for alternative properties.