Straight from the horse's mouth - strong hints of stamp duty 'holiday' extension to June-end

K_S

Fingers crossed for my current pipeline clients. I just hope they announce it early enough as there's just about enough time to potentially squeeze in a chain-free freehold purchase even if you were to have an offer accepted by the end of Feb or early March.

https://www.mortgageintroducer.com/rishi-sunak-considering-six-week-sdlt-extension/

UPDATE: Looks like next week's budget will include an extension to 30 June

ukri

That would be an unexpected gift for us! I am in a chain but may make it by May.

davidmcn

Surely this is just kicking the can down the road - why would problems be any less at a later end date? Unless it's tapered off somehow e.g. by lowering the amount of the concession.

lonibra

davidmcn said:

Surely this is just kicking the can down the road - why would problems be any less at a later end date? Unless it's tapered off somehow e.g. by lowering the amount of the concession.

Very true. It's a lottery that will benefit a few who didn't expect it. I also expect a fresh pile on of new transactions trying to beat the 'new' deadline.

Carl2510

Should be for a certain date you entered into the purchase otherwise like Davidmcn said the next lot of purchases will be like we need another extension.  

davidmcn

Carl2510 said:

Should be for a certain date you entered into the purchase otherwise like Davidmcn said the next lot of purchases will be like we need another extension.  

The trouble is that there is no great way of determining when the parties "entered into the purchase". Stamp duty generally looks at completion (or in some cases, exchange).

Mani_London

It is a great news. Or it could be like anyone who has offer accepted by 31st have a time to complete the purchase by May. something on those lines to help people who are trying to beat the 31st march deadline. 

AnotherJoe

davidmcn said:

Carl2510 said:

Should be for a certain date you entered into the purchase otherwise like Davidmcn said the next lot of purchases will be like we need another extension.  

The trouble is that there is no great way of determining when the parties "entered into the purchase". Stamp duty generally looks at completion (or in some cases, exchange).

How about, you've signed the contract ? (not exchanged, just you've signed)

davidmcn

AnotherJoe said:

davidmcn said:

Carl2510 said:

Should be for a certain date you entered into the purchase otherwise like Davidmcn said the next lot of purchases will be like we need another extension.  

The trouble is that there is no great way of determining when the parties "entered into the purchase". Stamp duty generally looks at completion (or in some cases, exchange).

How about, you've signed the contract ? (not exchanged, just you've signed)

That's completely meaningless legally. You could sign months or minutes before exchange. You can sign it, rip it up and sign something completely different later on. You don't even need a contract to complete a purchase.

Seashell517

davidmcn said:

Surely this is just kicking the can down the road - why would problems be any less at a later end date? Unless it's tapered off somehow e.g. by lowering the amount of the concession.

I guess the hope is that by announcing it officially relatively close to the original deadline, it should help people who were expecting to meet the original deadline and maybe a few that didn't expect to make it, but without creating a whole new set of people who will be 'expecting' not to pay SDLT. (Although I think a fair few Joe Bloggs don't realise how long the process takes...)

It'll also be useful for spreading out completion dates a bit. My chain is already looking at avoiding Friday's in March because of moving companies getting booked up, and mortgage companies and conveyancors having too many completions on a Friday to be able to reasonably manage them.

[Deleted User]

Good news for clients but better news for conveyancers and solicitors.   So many of them are likely on the verge of a complete breakdown with the volume of cases their firms have brought on to them.   Quite a few local firms to me wont take on any new business now and I know a few conveyancers at the factory firms who are constantly being shouted at by clients.   

Hopefully they can figure something out to spread out this pressure that has been put on them.   A flat extension will just increase the transactions whereas tying it to only active cases will hopefully achieve the goal of stopping chains collapsing due to missing the deadline.