Conveyancing before SDLT deadline

oz0707

How realistic would it be to get a property transaction over the line now before the SDLT deadline? For more information the offer would be on a cash basis, no lending. I have a conveyancer who can do it on the buying side and has quoted an extra fee to get it done beforehand. The difficulty would be in the buyer getting a conveyancer who could do it and is motivated. Are there any tips for them picking the right one? Are there any who would offer the seller a 'no sale no fee' structure or who like mine would quote a premium but get it done.

The property is registered at land registry, has been in same ownership for 60 years. Would local searches come back in time?

user1977

oz0707 said:

I have a conveyancer who can do it on the buying side and has quoted an extra fee to get it done beforehand. The difficulty would be in the buyer getting a conveyancer who could do it and is motivated. Are there any tips for them picking the right one?

What does your conveyancer think? Presumably they'll know others who are similarly efficient.

For local searches you might want to consider just getting insurance rather than waiting for them. In my all time here, I've yet to hear a story about a local search coming back with any material surprises. You can check things like surrounding planning applications instantly and free of charge yourself on the council's website (and in more depth than the search would).

oz0707

Thanks for the advice. Yeh I was thinking of digging out my previous local searches and seeing what's on them. As you say you can check a lot of the things yourself. Planning is one for example like you say.

My conveyancer has recommended another but at the end of the day it will be down to the seller to choose. I was just wondering if there are any tips to offer to help them pick one who could do the job.

I've previously bought on one of these modern auctions with 28 day completion deadline. We got that done but in that case you have a particularly motivated seller who has usually done most or all of their legal prep work beforehand.

Bookworm105

oz0707 said:

How realistic would it be to get a property transaction over the line now before the SDLT deadline? For more information the offer would be on a cash basis, no lending. I have a conveyancer who can do it on the buying side and has quoted an extra fee to get it done beforehand. The difficulty would be in the buyer getting a conveyancer who could do it and is motivated. Are there any tips for them picking the right one? Are there any who would offer the seller a 'no sale no fee' structure or who like mine would quote a premium but get it done.

The property is registered at land registry, has been in same ownership for 60 years. Would local searches come back in time?

you seem to have a one lined up for the buying side, so what incentive is there for the seller to save you money on fees you have to pay buy getting someone to do their side of things as a priority?

The seller won't save any tax, so to help you complete they may end up having to pay a premium fee like you are?

oz0707

@Bookworm105 SDLT is not necessarily only a tax on buyers. You may see interest levels reduce or reduced offers post the SDLT deadline. A lot of people are constrained by borrowing and it wont be as simple as just being able to afford a certain amount more after the date. I think the conveyancing premium I have been quoted is 400 quid. If a cash buyer came to me and offered me asking but stipulated that it had to happen fast and I may have to pay an extra 500 odd quid for the conveyancing then i'd snap their hand off. Perhaps i'm unusual?

Bookworm105

oz0707 said:

@Bookworm105 SDLT is not necessarily only a tax on buyers. You may see interest levels reduce or reduced offers post the SDLT deadline. A lot of people are constrained by borrowing and it wont be as simple as just being able to afford a certain amount more after the date. I think the conveyancing premium I have been quoted is 400 quid. If a cash buyer came to me and offered me asking but stipulated that it had to happen fast and I may have to pay an extra 500 odd quid for the conveyancing then i'd snap their hand off. Perhaps i'm unusual?

SDLT is a tax on buyers.
Your comment just reaffirms that it is buyer affordability which matters both in raw £ terms and also in market activity levels.

If, as seller, you want to complete quickly to help a buyer pay the pre-increase tax rate, then you may need to incentivise your conveyancer to do their side "fast". Whether a buyer believes that will be achieved is an open gamble they must take when paying their own conveyancer to also be fast.

gazfocus

oz0707 said:

@Bookworm105 SDLT is not necessarily only a tax on buyers. You may see interest levels reduce or reduced offers post the SDLT deadline. A lot of people are constrained by borrowing and it wont be as simple as just being able to afford a certain amount more after the date. I think the conveyancing premium I have been quoted is 400 quid. If a cash buyer came to me and offered me asking but stipulated that it had to happen fast and I may have to pay an extra 500 odd quid for the conveyancing then i'd snap their hand off. Perhaps i'm unusual?

The problem you may have is that if the seller needs to move elsewhere, even finding a rental before the SDLT deadline and getting everything organised to move by then is asking a lot. We started packing our house up 2 weeks ago as we are moving towards the end of March and we are still a long way off being anywhere near prepared.

oz0707

Just been playing around with grok and it suggested a sale and rent back agreement for this. I know it wasn't my specific query but it does give an extra tip for those wanting to complete before the deadline who have sellers not ready to move. Got to watch the upcoming renters changes aren't bought in before the last ends or notice is served. 

user1977

oz0707 said:

Just been playing around with grok and it suggested a sale and rent back agreement for this. I know it wasn't my specific query but it does give an extra tip for those wanting to complete before the deadline who have sellers not ready to move.

Ah, legal "advice" by AI. Did grok not know that sale and leaseback arrangements are regulated? Or advise on all the other regulatory hoops you'd need to jump through to become a landlord? Or warn you of the risk of your tenant not moving out as swiftly as you'd like (even under current law)?

SDLT_Geek

user1977 said:

oz0707 said:

Just been playing around with grok and it suggested a sale and rent back agreement for this. I know it wasn't my specific query but it does give an extra tip for those wanting to complete before the deadline who have sellers not ready to move.

Ah, legal "advice" by AI. Did grok not know that sale and leaseback arrangements are regulated? Or advise on all the other regulatory hoops you'd need to jump through to become a landlord? Or warn you of the risk of your tenant not moving out as swiftly as you'd like (even under current law)?

Good call.  If one searches for "sale and rent back" instead, one comes across information from the FCA about how this is regulated.

AskAsk

i am prepared to take a bet with you that it can't happen.