An Update on Moving House Before the SDLT Holiday Ends

By Karen Chui

Legal Director

March has heralded in much change and has resulted in a great deal of activity within the already busy housing market.

Having already survived an extraordinary year (election, Brexit, pandemic and lockdowns), there is a great deal of interest in what is coming up as the hugely successful vaccination programme starts to show us the way out and we can see the government roadmap unfold.

For residential property, March was certainly the month to watch. Everyone held their breath to see what would happen as the government made hugely important announcements – from the re-opening of schools to the Chancellor’s Budget announcement.

The extension to the stamp duty holiday from the end of March to the end of June has introduced welcome relief to a beleaguered and pressured housing market with all aspects of the property structure, still reeling from a year fraught with pitfalls since COVID-19 first came to our shores.

Buyers and sellers alike breathed a collective sigh of relief with it was anticipated that a large number of transactions, trapped in a delay-ridden process, might fail while everyone grappled with restrictions to get their transactions and chains across the line.

There is no question of the public’s desire to be on the move again, and the massive incentive to get on with their lives having been trapped in their homes.

For those who are already in the process of buying and selling, the three-month extension should be sufficient to enable those to get through completion comfortably.

However, if you are only thinking of starting the conveyancing process now, it is unlikely that there is enough time to make a new offer and achieve completion in time.

For those who are unable to complete in time, there is still a chance to benefit from the slightly less generous stamp duty holiday that is then in place from June-September. Expectations do need to be adjusted as to timescales, but the optimism in the housing market continues to flourish.

For more information and to find out how we can help you, please contact us on 0345 646 0406 or fill in our online enquiry form and a member of our Team will be in touch.