Law Society warns that March conveyancing deadline may not be met

GDB2222

https://www.lawgazette.co.uk/news/concern-over-unrealistic-conveyancing-expectations-ahead-of-stamp-duty-deadline/5106828.article

The Law Society is urging people wanting to buy or sell a home during the temporary stamp duty holiday to have realistic expectations about completing before the 31 March deadline.

The Society said it wants consumers to have realistic expectations about achieving their dream move before the stamp duty holiday ends. David Greene, president, said: ‘Consumers must recognise that it is increasingly unlikely that if they sell/buy their house now, they will complete by the 31 March deadline. The solicitor is often the last link in the move, and it is only when the solicitor has all the pieces, which they are dependent on obtaining from others, that buyers and sellers can move.’

Sarah Dwight, a sole practitioner in Birmingham who sits on the Society’s conveyancing and land law committee, said she was telling clients at the beginning of November that would try to help them complete by 31 March deadline but it would be a push. ‘From the beginning of December I was saying I don’t think it’s going to be possible. I might be able to get ready to complete on 31 March but other parties in the chain might not be ready,’ she said.



That’s the gist of it. You can read the rest in the article. 

SDLT_Geek

The Government responded on 10 December 2020 to the petition to extend the SDLT holiday beyond 31 March 2021.  https://forums.moneysavingexpert.com/discussion/6223948/government-response-to-petition-to-extend-stamp-duty-holiday/p1  It was a "no".

We do however have a budget on 3 March 2021, so, who knows?

GDB2222

It does seem to take ages to get conveyancing done these days. Is the main delay due to searches?

Tiglet2

GDB2222 said:

It does seem to take ages to get conveyancing done these days. Is the main delay due to searches?

A combination of lots of reasons.  Conveyancing staff working from home, bank staff working from home, council staff working from home.  Staff working in the office are reduced in numbers and some staff are still furloughed.  Management companies ditto.  Because of this it's more difficult to get through on the phone or receive a response by email.  Search agents may also have a reduced amount of staff working, plus access/availability to the council records is reduced.  There are more people trying to buy before the stamp duty holiday ends.   Older files are at the office, so people working from home cannot provide instant responses/action until the file has been picked up, particularly with post completion work.  Solicitors do like everything confirmed in writing so phone calls are not ideal.  Lenders are not very responsive to solicitor requests for redemption statements/mortgage offers, plus these need to be faxed or posted - emails not accepted due to possibility of interception by fraudsters.  Getting information between the parties is taking far longer, so each step of the process is adding extra days.  Add to that, managing client expectations, particularly with Christmas coming up and the stamp duty deadline, is proving challenging.  Clients are convinced that they need to be constantly chasing everyone involved, thinking they are helping: in reality they really hinder the process.

loubel

It's hardly a surprise. Conveyancing usually takes at least 3 months under normal circumstances. Currently we have Covid restrictions, Christmas break approaching and increased demand, so any transactions not already underway are unlikely to complete before the end of March now unless very straightforward (which will not always be apparent straight away).

greatcrested

GDB2222 said:

It does seem to take ages to get conveyancing done these days. Is the main delay due to searches?

Searches.

Surveys followed by other reports then re-negotiations.

Management Packs for leases.

Mortgage issues.

Chains.

Title issues.

....