Disclaimer regarding stamp duty.

superliss

Has anyone had correspondence from their conveyancer saying that there is no guarantee that the house sale will complete within the current stamp duty holiday? I personally think this is just a cover their backs kind of letter. Would be interested if anyone gets something similar over the next few weeks. Thanks all. Merry Christmas!

greatcrested

Many solicitors are warning their clients of this. Buyers who are basing their budget on beating the deadline need to be made aware of the risk so that they can consider whether they can afford the purchase if things get delayed.

Quite apart from the normal potential hold-ups any purchase can face, Covid can add significant time to conveyancing, with conveyancers, surveyors, council staff and others all working from home, or off work through illnes.

Then on top of that, add the increasing workload as the deadline approaches. Thousands of buyers will all be pushing for Completion at the same time........

superliss

greatcrested said:

Many solicitors are warning their clients of this. Buyers who are basing their budget on beating the deadline need to be made aware of the risk so that they can consider whether they can afford the purchase if things get delayed.

Quite apart from the normal potential hold-ups any purchase can face, Covid can add significant time to conveyancing, with conveyancers, surveyors, council staff and others all working from home, or off work through illnes.

Then on top of that, add the increasing workload as the deadline approaches. Thousands of buyers will all be pushing for Completion at the same time........

This is what I thought in all honesty, letter arrived on Xmas eve my OH started to panic a bit, I explained that if I was a solicitor I would be sending out these letters as well. Were at the stage of checks being done on our sale but still waiting on paperwork for our purchase.

Flugelhorn

we offered in September (flat so leasehold) , no chains in any direction, cash purchase - probably just about ready to exchange - so yes if someone offers now then may not make end of March 

csgohan4

superliss said:

Has anyone had correspondence from their conveyancer saying that there is no guarantee that the house sale will complete within the current stamp duty holiday? I personally think this is just a cover their backs kind of letter. Would be interested if anyone gets something similar over the next few weeks. Thanks all. Merry Christmas!

sounds reasonable to cover their backs, since a complaint which sadly more than happens in this litigious society will be made. 

Just like a surveyor who covers their back with loads of caveats

davidmcn

Even at the best of times, there's never a guarantee that a transaction will take place in accordance with your desired timescales. Or indeed a guarantee that stamp duty rules won't change unexpectedly (though you are usually safe after exchange). 

SpiderLegs

I bet solicitors can’t wait for the barrage of complaint and compensation claims they’ll be receiving after 31st March.

Splatfoot

It's going to be so tight. I don't think I'd be buying with the hope of completing by the end of March without having that spare money aside. We accepted an offer on our house on 10th August. Fairly straightforward, still took 15 weeks. Completed on the 24th November.

superliss

I think everyone is of the same mindset of me. We had our offer accepted in November and I still wouldn't be completely confident that it will complete. Like great crested said, this is likely for those who have budgeted and not taken in to account stamp duty charges, a dangerous game that I have no intention of playing!